What: The Clementi Mall, a six-storey suburban retail complex with 160 tenants and direct MRT connection attracting 300 million annual visitors, is put up for sale for S$750 million by Cuscaden Peak Investments.

Why it is important: This significant transaction highlights the enduring value of well-connected suburban retail assets in Singapore, where strategic location and strong tenant mix continue to command premium valuations despite market uncertainties.

Cuscaden Peak Investments has placed The Clementi Mall on the market with an asking price of approximately S$750 million, representing a 15% premium over its December 2024 valuation of S$645 million. The suburban shopping centre comprises a six-storey retail podium plus basement level, housing around 160 tenants, and benefits from direct connection to Clementi MRT station. This strategic location helps drive an impressive annual foot traffic of 300 million visitors. The planned divestment forms part of Cuscaden Peak Investments' portfolio optimisation and capital-recycling strategy. The sale is being managed by appointed agents Cushman & Wakefield and Savills. The property came under Cuscaden Peak Investments' ownership following their 2022 acquisition of Singapore Press Holdings, which previously held the mall as part of SPH Real Estate Investment Trust, later renamed Paragon Reit. The consortium's ownership structure has evolved since the acquisition, with Hotel Properties Ltd's exit and Paragon Reit's privatisation and delisting in June.

IADS Notes:

The planned sale of The Clementi Mall reflects broader trends in Singapore's evolving retail property market. According to Inside Retail in June 2025, the market shows increasing polarization, with prime locations maintaining strength despite rising overall vacancy rates, supporting the mall's premium valuation at S$750 million. The importance of transit connectivity is underscored by Inside Retail's January 2025 coverage of Jewel Changi's success, demonstrating how strategically located retail assets can generate substantial foot traffic. Inside Retail reported in April 2025 that City Square Mall's S$50 million transformation exemplified how property owners are optimizing assets to meet changing consumer needs, similar to Cuscaden Peak's portfolio strategy. The mall's quality as a suburban retail destination aligns with successful transformations seen elsewhere, as evidenced by Inside Retail's November 2024 coverage of Raffles City's revitalization through international brands and experiential retail. This transaction follows significant market evolution, with Inside Retail reporting in February 2025 that Paragon REIT's US$2 billion privatization offer demonstrated strong investor confidence in well-positioned Singapore retail assets.

Singapore’s Clementi Mall up for sale at around S$750 million