SPH's retail reit is expected to list in early July, said chief financial officer Tony Mallek at a press briefing on Monday.

This is subject to shareholders' approval at an extraordinary general meeting in June.

Chief executive Alan Chan said: "We plan to inject Paragon and The Clementi Mall into SPH Reit."

Paragon is a freehold property but it will be injected into the reit on the basis of a 99-year leasehold property.

This, Mr Chan said, was in line with market practice, as The Clementi Mall is on a 99-year leasehold.