PARAGON Reit : SK6U 0% is in advanced negotiations to sell The Rail Mall in Upper Bukit Timah; the price is understood to be slightly higher than S$80 million.
The single-storey strip mall, with nearly 50,000 square feet (sq ft) of net lettable area (NLA), is on a site sold by the state with a 99-year leasehold tenure from March 1947. This leaves a balance of about 21 years and nine months. The property was valued at S$62 million as at Dec 31, 2023.
The Business Times (BT) understands the intending buyer is a private investor.
