The Edge Malaysia reported that Allgreen Properties bought back the stake in Johor Bahru City Square (JBCS) mall that it sold to GIC Real Estate for RM850 million ($243 million). JBCS is likely to be located 500m away from a new Johor Bahru-Singapore Rapid Transit System (RTS) station. The RTS should be operational by January 2027, the report says.
Allgreen Properties has been something of a contrarian when it comes to Singapore property. Unlike City Developments (CDL), S-REITs such as Mapletree Pan Asia Commercial Trust (SGX:N2IU
) (MPACT), Frasers Property (SGX:TQ5) (FPL) and Frasers Logistics and Commercial Trust (FLCT) which have sold or are selling their prized Singapore assets, Allgreen is acquiring.
Earlier this year, the developer, which was privatised by controlling shareholder Robert Kuok back in 2011, acquired Seletar Mall from Cuscaden Peak Investments and United Engineers for $550 million.
