Suntec REIT has divested its 30% interest in a property located at 9 Penang Road to Haiyi Holdings for $295.5 million.

This translates to a price of $2,468 per square foot based on the property’s net lettable area.

The property is the former site of Park Mall, which was redeveloped into a commercial building through a joint venture between Suntec REIT, Haiyi Holdings and SingHaiyi Group. The building is currently tenanted by UBS Singapore.

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