Elegant Group, which is building up a portfolio of malls here, has announced that CapitaLand Investment will take a minority interest in Clementi Mall, and also provide real estate advisory services that includes having the mall as part of CapitaLand's CapitaStar rewards programme.
Besides Clementi Mall, the Elegant Group owns the adjacent Grantral Mall @ Clementi, as well as Grantrall Mall @ Macpherson. It also owns Kinex near Paya Lebar MRT and is also in the process of redeveloping Tanjong Katong Complex across the road by 2027.
Last September, UOL Group sold Kinex to the Elegant Group for $375 million and asset enhancement works at Kinex will kick off this year.
CLI's stake in Clementi Mall is not disclosed. This mall was sold to the Elegant Group late last year by Cuscaden Peak for $809 million.
"CLI’s stake in The Clementi Mall is a testament to the quality of the asset. This partnership will create synergies and allow us to exchange best practices and enhance our retail offerings to create a vibrant lifestyle and shopping destination at Clementi," says David Cheong, managing director of Elegant Group.
Patricia Goh, CEO of Southeast Asia, CLI, says this collaboration draws on its real estate advisory expertise, and aligns with CLI's long-term strategy to deepen its foothold in high-quality retail assets and grow fee income through a capital-efficient, partnership-led approach.
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Singapore-based Elegant Group was founded in 2015. It describes itself as a well-established real estate company with a focus on the operation and management of a diversified portfolio of retail, commercial and mixed-use developments in Singapore and Australia.
As of Jan 30, its portfolio comprises 12 properties in Singapore and Australia and covering more than 1.5 million sq ft.
In 2017, it conducted upgrading and redevelopment works at Grantral Mall @ Clementi, which included replacing all escalators and central air-conditioners to enhance shopping environment and overall shopping experience.
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Starting in 2019, it made substantial investments to carry out extensive expansion and alteration works at Grantral Mall @ Macpherson to convert the lower two floors into retail spaces. The retail podium now houses dining, education and enrichment, childcare services, fitness and supermarket retail to better serve the surrounding working population and residents.
More recently, in 2024, the group undertook asset enhancement works at Changi City Point, including upgrading equipment and reconfiguring the tenant mix where new international outlet brands were brought in to strengthen Changi City Point’s positioning as an outlet mall.
