Perennial Chinatown Point acquires stake in Chinatown Point

Perennial Chinatown Point consortium has purchased the Chinatown Point retail mall, as well as four office units from City Developments for about S$250 million.

Chinatown Point is a 99-year leasehold mixed-development comprising a 25-storey office block and 283 strata-titled retail units. It has six levels of retail units and has an aggregate strata area of 178,187-sq-ft.

The mall is located at the junction of Upper Cross Street and New Bridge Road, and next to Chinatown MRT station.

The transaction for the retail mall was entered into by five wholly-owned subsidiaries of CDL and five wholly-owned subsidiaries of Perennial Chinatown Point. The transaction is expected to be completed in October this year.

Perennial Chinatown said the redeveloped mall will feature unique offerings like goldsmith jewellers, foodstuffs, travel agencies and traditional Chinese specialty foods. Supermarket retailer NTUC FairPrice is also expected to be an anchor tenant at the new retail mall.