The redevelopment of the mall space, costing some $150 million, was completed in 2017.
The mall space is managed by CapitaLand, which of course is known for its string of malls and REITs.
“We recognise the potential of the Paya Lebar precinct with the government’s latest urban development plans,” says Phang, without referring to adjacent developments including Paya Lebar Quarters and Paya Lebar Square – all of which are in the vicinity of the Paya Lebar MRT interchange station.
“We are examining options to improve the value and hence yield of the property,” he adds.
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Phang notes that property contributions to SingPost’s financial results have been resilient despite the “challenging leasing conditions” over the year.
As at March 31, occupancy of its properties remained high at 96.6%, says Phang.
SingPost’s property segment contributed an operating profit of $52.9 million for its year ended March 31, up from $50 million recorded in the preceding year.
SingPost closed July 21 at 64 cents, up 0.79% for the day and down 3.03% year to date.
