Business Times - 10 Nov 2009
Clementi Mall tender draws top bid of almost $542 million
By KALPANA RASHIWALA
The Housing & Development Board's tender for Clementi Mall has attracted a total of six bids. The top bid by CM Domain Pte Ltd, a unit of Singapore Press Holdings, was for $541.898 million, which works out to $2,800 per square foot based on the net lettable area of 18,000 sq metres or 193,750 sq ft.
The mall is being sold on 99-year leasehold tenure.
HDB is building only the core structure and facade, which it aims to hand over to the eventual buyer around August next year. The new owner will then finish the project internally, with flexibility to plan the theme and layout. The buyer will also have naming rights to the mall.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
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