Its wholly-owned subsidiary, Golden Cape Investments, sold the property to an unrelated third party, Perennial Katong Retail Trust.

Golden Cape secured 100 per cent ownership of Katong Mall through a successful bidding of S$219 million in an en bloc sale in June last year.

Prior to that, Golden Cape already owned 72 per cent of the total strata floor area of the Katong Mall.

Tuan Sing said the expected gain from the transaction, after deducting foreseeable expenses, is about S$42.7 million.

Located along East Coast Road, Katong Mall is a four-storey building with three basement levels. It has a remaining leasehold of about 70 years.

Perennial is headed by Pua Seck Guan, former head of CapitaLand’s retail unit, who put together the consortium to buy the mall.

Source : Channel NewsAsia – 9 Nov 2009

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