Singapore’s Seletar Mall sold for S$550M to company under Malaysia’s richest man, Robert Kuok

SINGAPORE: Developer Allgreen Properties, a firm controlled by Tan Sri Robert Kuok, has purchased The Seletar Mall for RM1.93 billion (S$550 million). Mr Kuok’s 2024 net worth is listed as US$11.5 billion (S$15.32 billion), and he is said to be the wealthiest man in Malaysia.

Forbes reported last week that Cuscaden Peak sold the shopping mall in northeastern Singapore to Allgreeen Properties.

Cuscaden Peak is owned by hotel tycoon Ong Beng Seng, firms connected to Temasek Holdings, and United Engineers after Paragon Real Estate Investment Trust (formerly SPH REIT) waived its option to buy it.

Read also: Forbes World’s Billionaires 2021: Malaysia’s super-rich sees surge of wealth amid Covid-19 times

The Seletar Mall, which is 100 per cent leased, has six levels of retail shops and three parking levels with 384 parking lots. Its nett lettable area totals 188,000 square feet.

It serves residents of Sengkang and Punggol and is accessible via the Tampines Expressway (TPE) and Central Expressway (CTE). Fernvale Light Rail Transit (LRT), the Sengkang North-East Line (NEL) MRT / LRT station, and the Sengkang bus interchange also serve the mall.

The mall houses fashion stores, including Uniqlo, coffee shops, fast food joints, Asian restaurants, dental clinics, a FairPrice Finest supermarket, a theatre, children’s enrichment centres, money changers, ATMs, and other essential establishments.

Allgreen Properties, owned by the Kuok Group, includes Great World City and Tanglin Mall in its Singapore portfolio, along with several residential projects.

Currently, the company is developing Pasir Ris 8, a residential and shopping mall complex.

The Kuok Group started in Johor Bahru in 1949 as a family venture called the Kuok Brothers. Its main business was the trade of rice, sugar, and wheat flour.

By 1953, as the firm grew, Kuok Singapore was established, followed by a branch in Hong Kong known as Kerry Holdings in 1974, which today manages its dealings with both Hong Kong and Mainland China.

“Over more than 70 years, the Kuok Group has grown to become one of Asia’s most dynamic multinational conglomerates, with diverse operations in all six continents, including Properties, Hospitality, Logistics, Food and agribusiness, Maritime, Digital Infrastructure, Commodities, and Philanthropy.

Guided by the values of Robert Kuok, the Group’s founder, our corporate culture is built on perseverance, loyalty, and integrity above all,” the company’s website reads.

Robert Kuok marked his 100th birthday on Oct 6, 2023. /TISG

Read related: Kuok keeps top post in Malaysian billionaires list on Forbes