Singapore malls see fresh wave of deals, revamps that will reshape retail scene

SINGAPORE - Big-ticket deals and multimillion-dollar mall revamps announced in recent months are set to reshape Singapore’s retail scene, as landlords jostle for a bigger share of shoppers’ spending and investors hunt for steady income streams.

Plaza Singapura is the latest to jump on the bandwagon, with its owners on April 24 revealing a $160 million plan to upgrade the Orchard Road mall.

Here’s a look at the recent moves across both major and heartland malls here.

i12 Katong

On April 22, Keppel said it had agreed to sell the mall for about $372 million to Altallo Holdings, linked to Altallo Asset Management, whose primary business activity is fund management.

The five-storey suburban mall, which sits in East Coast Road in the Katong area, spans about 211,950 sq ft and was about 96 per cent occupied as at end-January 2026.

Known for its mix of cinema, supermarket and dining options, it serves nearby residents. Keppel said the divestment is part of its asset monetisation strategy, with completion expected in the second quarter of 2026.

Paragon

On April 20, CapitaLand Integrated Commercial Trust (CICT), a Singapore-listed real estate investment trust, said it will acquire the mall from Cuscaden Peak Investments for about $3.9 billion.

The freehold property, in the Orchard Road shopping belt, is fully occupied with more than 190 retail brands and includes medical suites near Mount Elizabeth Hospital.

The mall, which was last refurbished in 2009, could see another round of enhancements costing $300 million or more, according to a preliminary study by Cuscaden Peak.

Thomson Plaza

Earlier in April 2026, Link REIT said it was selling retail strata units on the first and third levels of the mall for about $250 million to Jack Investment and Pangjwee Development.

The mall serves nearby estates in Upper Thomson Road and is anchored by a supermarket and enrichment centres.

White Sands

Frasers Centrepoint Trust is in talks to sell the mall to TE Capital for more than $470 million, according to media reports in April.

TE Capital Partners is a Singapore-incorporated company, whose primary business is holding companies of firms engaged in non-financial activities, according to corporate filings.

The suburban mall, next to Pasir Ris MRT station and bus interchange, caters mainly to residents in the east. The deal has not been finalised.

Anchorpoint

The freehold mall was launched for sale at a guide price of $295 million through an expression of interest exercise that closed on March 10.

It is held by Copperdome, a Singapore-incorporated property investment and development company under Jobina Construction.

The property has nearly 60 tenants and about 78,636 sq ft of net lettable area. Known for its outlet and discount retail offerings, it sits near IKEA in the Alexandra precinct and has undergone upgrading works, including refreshed interiors and improvements to building systems.

Bukit Panjang Plaza

In January, CICT said it had agreed to sell the mall to US asset manager Hines for about $428 million as part of its portfolio rebalancing.

The mall is integrated with Bukit Panjang MRT and LRT stations and serves as a key retail hub for residents in the north-west.

The Clementi Mall

In December 2025, an entity linked to Elegant Group acquired the mall from Cuscaden Peak Investments for about $809 million.

The Singapore-based property firm has links to China’s Grantral Group and a growing portfolio of suburban retail assets such as Changi City Point and Kinex.

Directly linked to Clementi MRT station and bus interchange, the five-storey mall serves commuters and nearby residents.

Piccadilly Galleria

In November 2025, the retail podium was sold by City Developments Limited and MCL Land to Koufu Group, a food and beverage operator, for about $65.5 million.

The property forms part of a mixed-use development in the Farrer Park area, adding to Koufu Group’s business beyond its foodcourt operations.

Kinex

In September 2025, property developer UOL sold the mall for about $375 million to Xiaohong Property Management and Kinex Times Square.

Xiaohong Property Management is a Singapore-incorporated firm established in 2016, with business activities including management consultancy and carpark operations, while Kinex Times Square was incorporated in July 2025 and is involved in the letting and operation of real estate.

In a bourse filing on Sept 10, 2025, UOL said the divestment is an opportunity to “unlock the value of its investment in Kinex”, and forms part of its ongoing strategy to reconstitute its property portfolio.

The property, in the Paya Lebar precinct, serves office workers and nearby residents.

Kallang Wave Mall

On April 16, The Kallang Group and CapitaLand Investment said the mall will undergo a major revamp from May 2026 to 2028.

The Kallang Group is a Singapore-incorporated company that operates sports facilities and organises events.

The property, within The Kallang (formerly the Singapore Sports Hub), will be repositioned as a sports and lifestyle destination, with features such as a 21m indoor climbing wall, rooftop padel courts and expanded retail offerings. The mall will remain operational during the works, they said.

City Square Mall

Owned by Singapore-listed property developer City Developments Limited, the mall was relaunched on March 10, following a $50 million asset enhancement initiative that began in September 2023.

Known as Singapore’s first eco-mall, the property in Serangoon Road has been repositioned as a lifestyle and dining destination, with a new 24,000 sq ft dining precinct and reconfigured communal spaces, the developer said.

Plaza Singapura

CICT will invest about $160 million to upgrade Plaza Singapura and The Atrium@Orchard, it said in a business update on April 24.

The asset enhancement initiative will run from the third quarter of 2026 to the fourth quarter of 2028 and be carried out in phases, with the mall remaining operational.

The works aim to enhance the mall’s positioning in Orchard Road through infrastructure upgrades and a refreshed tenancy mix catering to both locals and tourists.

Plans include redesigning key spaces to turn them into more “experiential” retail and dining areas, as well as integrating greenery and extending the park experience indoors, in line with plans to rejuvenate the Orchard Road precinct.