SINGAPORE (Aug 11): Mohamed Salleh, founder and CEO of Second Chance Properties, has been buying shares in his company almost every other day for the past couple of months from the open market.

Salleh, who is planning to contest in the presidential election, now owns 67.6% of the company.

Second Chance runs a chain of apparel and jewellery shops, but its bigger value lies in its portfolio of more than 50 retail units.

The company had tried but failed to monetise some of that value three years ago. But there may be a selling opportunity on the horizon.

According to media reports, owners at the freehold strata-titled mixed development City Plaza are organising an en bloc sale, targeting a price tag of between $800 million and $1 billion

Second Chance owns 17 retail units within the mall, representing 15.4% of Second Chance’s net asset value of 34.81 cents as at May 31.

The 45-year-old City Plaza has 465 retail units and 66 residential apartments. It is sited across the road from the massive Paya Lebar Quarter mixed development, now under construction.

To be sure, Second Chance’s earnings have been declining over the last two years on a softer retail rental market and weaker sales of apparel.

To find out more about Second Chance, get your copy of The Edge Singapore (Issue 792) which is on sale now.