Paragon's value up by over $100 million in 6 months
Freehold mall to be injected into new SPH reit on 99-year leasehold basis
Upscale Paragon Mall - one of two malls to be spun off into a new Singapore Press Holdings (SPH) Reit - jumped in value by over $100 million in six months.
The mall, at 290 Orchard Road, was valued at about $2.4 billion in August last year.
But the most recent independent valuation by consultancy Knight Frank found that it was worth $2.61 billion on a freehold basis as of Feb 28 this year.
The freehold mall is being injected into the real estate investment trust (reit) on a 99-year leasehold basis, beginning from the reit's listing date.