Fresh wave of deals, revamps to reshape S’pore retail scene

The suburban mall, next to Pasir Ris MRT station and bus interchange, caters mainly to residents in the east. The deal has not been finalised.

The freehold mall was launched for sale at a guide price of $295 million through an expression of interest exercise that closed on March 10.

It is held by Copperdome, a Singapore-incorporated property investment and development company under Jobina Construction.

The property has nearly 60 tenants and about 78,636 sq ft of net lettable area. Known for its outlet and discount retail offerings, it sits near IKEA in the Alexandra precinct and has undergone upgrading works, including refreshed interiors and improvements to building systems.

In January, CICT said it had agreed to sell the mall to US asset manager Hines for about $428 million as part of its portfolio rebalancing.

The mall is integrated with Bukit Panjang MRT and LRT stations and serves as a key retail hub for residents in the north-west.

In December 2025, an entity linked to Elegant Group acquired the mall from Cuscaden Peak Investments for about $809 million.

The Singapore-based property firm has links to China’s Grantral Group and a growing portfolio of suburban retail assets such as Changi City Point and Kinex.

Directly linked to Clementi MRT station and bus interchange, the five-storey mall serves commuters and nearby residents.

In November 2025, the retail podium was sold by City Developments Limited and MCL Land to Koufu Group, a food and beverage operator, for about $65.5 million.

The property forms part of a mixed-use development in the Farrer Park area, adding to Koufu Group’s business beyond its foodcourt operations.

In September 2025, property developer UOL sold the mall for about $375 million to Xiaohong Property Management and Kinex Times Square.

Xiaohong Property Management is a Singapore-incorporated firm established in 2016, with business activities including management consultancy and carpark operations, while Kinex Times Square was incorporated in July 2025 and is involved in the letting and operation of real estate.

In a bourse filing on Sept 10, 2025, UOL said the divestment is an opportunity to “unlock the value of its investment in Kinex”, and forms part of its ongoing strategy to reconstitute its property portfolio.

The property, in the Paya Lebar precinct, serves office workers and nearby residents.

On April 16, The Kallang Group and CapitaLand Investment said the mall will undergo a major revamp from May 2026 to 2028.

The Kallang Group is a Singapore-incorporated company that operates sports facilities and organises events.

The property, within The Kallang (formerly the Singapore Sports Hub), will be repositioned as a sports and lifestyle destination, with features such as a 21m indoor climbing wall, rooftop padel courts and expanded retail offerings. The mall will remain operational during the works, they said.

Owned by Singapore-listed property developer City Developments Limited, the mall was relaunched on March 10, following a $50 million asset enhancement initiative that began in September 2023.

Known as Singapore’s first eco-mall, the property in Serangoon Road has been repositioned as a lifestyle and dining destination, with a new 24,000 sq ft dining precinct and reconfigured communal spaces, the developer said.

CICT will invest about $160 million to upgrade Plaza Singapura and The Atrium@Orchard, it said in a business update on April 24.

The asset enhancement initiative will run from the third quarter of 2026 to the fourth quarter of 2028 and be carried out in phases, with the mall remaining operational.

The works aim to enhance the mall’s positioning in Orchard Road through infrastructure upgrades and a refreshed tenancy mix catering to both locals and tourists.

Plans include redesigning key spaces to turn them into more “experiential” retail and dining areas, as well as integrating greenery and extending the park experience indoors, in line with plans to rejuvenate the Orchard Road precinct.