It will use the property to improve its food and beverage offerings.
SPH REIT acquired The Rail Mall, a 99-year leasehold estate commencing from 18 March 1947, from Pulau Properties for $63.24m.
According to an announcement, The Rail Mall is a retail strip, with about 360 metres of main road frontage along Upper Bukit Timah Road, comprising 43 single-storey shop units and 95 private carpark lots. One of the key access points to the Rail Corridor is located within a short walking distance from The Rail Mall.
The Rail Mall has a total net lettable area of approximately 50,000 sqft.
It is served by the Hillview MRT station about 250 metres away and a network of public bus services. Accessibility is further enhanced by its proximity to the Bukit Timah Expressway (BKE) and Pan Island Expressway (PIE).
SPH REIT CEO Susan Leng commented: “The Rail Mall is a unique cluster of shop units, with opportunity for SPH REIT to further strengthen its current F&B offerings. We believe a well-curated mix of F&B concepts complemented with services will serve the immediate established Hillview and Upper Bukit Timah community well.”
“In addition, SPH REIT, will intensify community programs leveraging on the Rail Corridor to attract a wider catchment, as it is well served by the public transport network and accessibility to expressways,” she added.
Edmund Tie & Company (SEA) assigned an “as-is” valuation of $62.9m. The proposed acquisition will be funded by a combination of debt and internal resources.
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