SPH's The Seletar Mall, which is expected to be acquired by SPH REIT soon. (Photo: SPH)SPH's The Seletar Mall, which is expected to be acquired by SPH REIT soon. (Photo: SPH)

Paragon REIT has once again provided an explanation of why it declined to acquire Seletar Mall, despite having had a right of first refusal (ROFR) on the asset.

Seletar Mall was offered to Paragon REIT by its sponsor, Cuscaden Peak Investments, for SGD550 million in early-2024.

The mall opened in November 2014 and has a remaining lease balance of about 87 years.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.