Wednesday, June 28, 2006
[RealEdge] BT : No decision yet on sale of Paragon: SPH
| Published June 28, 2006  | |
| No decision yet on sale of Paragon: SPH SINGAPORE Press Holdings (SPH) said yesterday it had not reached a decision on the sale of its Paragon shopping mall, one of Singapore's swankiest and worth $1.52 billion, after a 10 per cent rise in the mall's value. SPH, South-east Asia's largest media group, said last December it may wait for real estate prices to rise further before it sells the mall. 'The response has always been that it could be sold when the price is right but this position has not been reached yet,' an SPH spokesman said yesterday. The company said the mall was worth 10 per cent more than the $1.38 billion announced last December. It disclosed yesterday that Knight Frank valued the mall at $1.52 billion. SPH's chief executive officer Alan Chan said last December that Paragon was earning a return of 10 per cent annually and that the value of the mall on Orchard Road had risen by 15 per cent over the last two years. Property values along Orchard Road, which is undergoing a much-needed face-lift, may rise further after the government sold an undeveloped prime site for $1.38 billion. Mr Chan said Paragon could be sold to investors as a real estate investment trust, although SPH was considering several options. SPH is the leading media company in Singapore. It publishes more than 10 newspapers in the four official languages and more than 80 magazine titles. - Reuters |
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