Keppel Limited has agreed to divest its stake in suburban retail mall i12 Katong to Altallo Holdings for a cash consideration of $372.03 million.
The 99-year leasehold five-storey mall, deemed by the group as a non-core asset, is located at 112 East Coast Road and has a net lettable area of 211,950 sq ft, which includes three basement levels. As at Jan 31, the mall has a committed occupancy of about 96%. Its tenants include CS Fresh, Golden Village, Core Collective and SG Hawker.
Under the conditional agreement, Keppel is divesting 100% of its shares in PRE 1 Investments, which holds the property indirectly through Katong Retail Trust. Altallo Holdings will pay the sum over three tranches. This comprises $0.03 million for the sale shares and $372 million for the repayment of a loan extended to Katong Retail Trust by another Keppel subsidiary.
The consideration for the shares factored in the adjusted net asset value of the sale shares, based on the attributable agreed value of i12 Katong of $26,000 as at Dec 31, 2025.
“We are pleased to announce the divestment of i12 Katong following a competitive bidding process,” says Lee Kok Chew, head of Keppel’s accelerating monetisation task force.
“When completed, the transaction will unlock substantial cash that can be reinvested to higher-return opportunities aligned with the New Keppel, while allowing us to reduce debt and also reward our shareholders,” he adds.
See also: Freehold District 9 residential site launched for collective sale at $580 mil
Including this transaction, Keppel has announced about $14.9 billion in total asset monetisation since it embarked on its asset monetisation programme in October 2020.
The sale is expected to be completed in 2Q2026.
See also: Keppel Land acquires stake in 112 Katong for $51.4 mil and Keppel’s gain from sale of 112 Katong to be under 5%, says UOB
Keppel's shares traded 6 cents higher or 0.5% higher at $12.05 as of the mid-day break on April 22.
