Jelita Shopping Centre on the market for $85 mil

JLL’s press release reveals that Jelita Shopping Centre at 293 Holland Road is now up for sale via expression of interest with a guide price of $85 million. The two-storey suburban shopping mall has a net lettable area of 33,621 sq ft, and sits on a 46,616 sq ft site that is zoned ‘Commercial and Residential’ with a gross plot ratio of 2.2. It offers 57 basement carpark lots.

Located in a prime landed residential neighbourhood, the 999-year leasehold mall is owned by DFI Retail Group, who also operate the property. The anchor tenant is a 24-hour Cold Storage Supermarket that occupies the entire ground floor, which has an area of approximately 20,000 sq ft. The second floor is occupied by other tenants including Starbucks, Delifrance, Guardian and Times Bookstore. The owners are looking to divest the asset and enter a long-term leaseback arrangement.

The seller has two sale and leaseback options available: for DFI to lease back the ground floor space as per the existing arrangement or for DFI to lease back the entire building. Terry Wong, senior director of capital markets at JLL Singapore, believes that this presents an attractive opportunity for buyers to acquire a core retail asset with defensive income at a reasonable price as it is backed by a blue-chip anchor tenant. He adds that since these assets have proven to be resilient and generate continuous cash flow during the pandemic, prime suburban retail assets with high visibility are highly sought-after and rarely available for sale.

The expression of interest for Jelita Shopping Centre closes on July 18. So if you’re in the market for a prime suburban shopping mall backed by a blue-chip anchor tenant, this could be your ticket out.

The Myst CDL Aries is a magnificent development by City Developments Limited and Hong Leong Holdings. This development consists of a stunning 18-storey residential tower with a total of 537 units. Its contemporary design and luxurious details create an exclusive environment for those who are looking for the perfect place to call home.

Also, with EdgeProp’s property analysis tool Landlens, you can get detailed population, transaction, and relevant real estate data.