50% of Parklane Shopping Mall owners agree to sell development enbloc

SuperBowl is planning to sell the 35 units it owns in Parklane Shopping Mall in a collective sale.

The units represent a 20 percent of the development on Selegie Road.

SuperBowl, which provides entertainment and leisure services, is trying to persuade other unit owners to join in the exercise.

So far, it says half the owners, including its 20 percent, have agreed to the sale.

It has 12 months to get a minimum of 80 percent of all owners to agree before the collective sale agreement expires.

Explaining the rationale, SuperBowl says Parklane Shopping Mall is more than 30 years old and has limited potential for upgrading.

Given its strategic location, an en bloc sale would enable Parklane to find a new buyer that can offer it a new lease of life.

This will enable it to stay relevant and competitive in the face of intense competition from newer and more modern shopping malls.

SuperBowl would not disclose how much the owners are hoping to get from the sale of the mall.

Parklane is currently zoned for commercial use and has a plot ratio of 6.33.

Source: Channel NewsAsia, 29 January 2007 

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