Newspapers and magazines publisher Singapore Press Holdings (SPH) (SGX:T39) will list its much anticipated retail REIT this early July pending shareholders approval that will be sought at an EGM. This is according to a statement made by Chief Financial Officer Tony Mallek at a press briefing held today.
|The Paragon is currently enjoying 100 percent tenancy on a busy intersection of Orchard Road.|
However no further details were given on the actual date or price of the impending listing. What was revealed instead were confirmation of the names of two properties that are have largely been expected to be included in the REIT - The Paragon on Orchard Road and Clementi Mall. They have been mentioned specifically by Chief Executive Alan Chan.
Jarringly missing were further details regarding Seletar Mall and if it would be included in the REIT. Seletar Mall is an upcoming shopping center in the Northeastern part of suburban Singapore that was expected to be part of the REIT.
Paragon is a freehold property but it has been revealed that it will be injected into the REIT on the basis of a 99 year leasehold property.