The tie-up aligns with its long-term strategy to grow fee income through a capital-efficient, partnership-led approach
[SINGAPORE] CapitaLand Investment (CLI) will provide real estate advisory services for The Clementi Mall and hold a minority interest in the asset.
When asked about the size of its stake, CLI declined to disclose details, citing confidentiality. It added that the transaction is not expected to have a material impact on its financials.
Patricia Goh, chief executive officer of South-east Asia at CLI, said the collaboration aligns with the group’s long-term strategy to deepen its foothold in high-quality retail assets and grow fee income through a capital-efficient, partnership-led approach.
Elegant Group acquired the mall for S$809 million from Cuscaden Peak Investments. The deal drew attention in Parliament, where concerns about the diversity of offerings and consumer choice in heartland malls were raised.
These were in the context of a single owner controlling two malls within the same catchment area. Elegant Group also owns Grantral Mall @ Clementi, which is adjacent to the The Clementi Mall and Clementi MRT station.
On Friday (Jan 30), Elegant Group said it will continue serving shoppers and residents living in the vicinity of The Clementi Mall. This includes ensuring an optimal tenant mix of retail and food and beverage (F&B) offerings, as well as organising engaging activities and promotions to attract shoppers.
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The activities it has in the pipeline for the mall include a festive food fair featuring local bakeries and F&B brands.
It added that Grantral Mall @ Clementi will also keep offering a mix of education and enrichment services, food and restaurant outlets and other amenities, which will be complementary to the tenants at The Clementi Mall to provide residents with more choices.
“We carefully consider each mall’s value proposition, potential and the community it serves when it comes to curating our tenant mix to provide the best shopping experience for customers,” said David Cheong, managing director at Elegant Group.
Asset enhancement across the portfolio
As at Jan 30, the company has six properties in Singapore – The Clementi Mall, Grantral Mall @ Clementi, Grantral Mall @ Macpherson, Changi City Point, Kinex Mall and Tanjong Katong Complex.
Elegant Group also noted that it has undertaken several asset enhancement initiatives across its portfolio of malls.
For instance, in 2017, it replaced all the escalators and central air-conditioners at Grantral Mall @ Clementi.
From 2019, it made “substantial investments” to convert the lower two floors of Grantral Mall @ Macpherson into retail spaces. The podium now houses dining, education and enrichment, childcare services, fitness and supermarket retail.
Elegant Group is currently redeveloping Tanjong Katong Complex, with completion expected in 2027. In June 2025, the group’s Jun Jie Development placed the top bid of S$90 million for the property in the Geylang Serai cultural belt at a state tender.
Asset enhancement works – such as the addition of escalators and refinements to tenant mix – for Kinex shopping mall are slated to begin as well this year. The group acquired Kinex mall for S$375 million from UOL Group in late 2025.
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