SINGAPORE: Real estate fund manager M&G Real Estate will become the sole owner of Compass Point mall in Sengkang, after entering into a deed to buy the remaining 18.99 per cent of shares it does not already own.
M&G said on Wednesday (Dec 16) it will be buying the shares from FCL Centrepoint, a subsidiary of Frasers Centrepoint. The transaction is expected to be completed in February next year, M&G added. FCL Centrepoint will cease management of Compass Point once the transaction is completed.
The mall, located in the heart of Sengkang New Town Centre, is closed for refurbishment and is expected to reopen next year under a new name and new management, M&G said.
The revamped mall is expected to have new shops, more food outlets and an expanded library which will occupy two levels in the building, the company said.