SPH REIT has entered into a sale and purchase agreement to acquire a retail strip with a 99-year leasehold for SGD63.2 million (USD47 million).
The strip, which is known as The Rail Mall, has a lease that commenced in March 1947.
SPH REIT will acquire the property from Pulau Properties, a company run by the Lee Foundation, and members of the Lee family with significant stakes OCBC Bank.
Pulau Properties has been looking for a buyer for The Rail Mall since January 2018.
Independent valuer Edmund Tie & Company has valued the property at SGD62.9 million.