Perennial is the largest investor in Chinatown Point Mall with a 50.64 effective interest, and its proportionate stake of the net proceeds is expected to be about S$125.3 million, subject to final adjustments, the company said., and FPTM Pte Ltd, among some other private investors.
Since Chinatown Point Mall was acquired in 2010, a major redevelopment exercise was carried out costing over S$91 million. Two of Perennial's wholly-owned subsidiaries were appointed asset manager and property manager of Chinatown Point Mall. Pua Seck Guan, CEO of Perennial, said:"The transaction is a testament to Perennial’s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders."