Malaysia's Hicom Megah sells Singapore mall for RM965mil

The proposed disposal allows the DRB-Hicom Group to unlock the value of its investment in Corwin based on the current market value of the property,

PETALING JAYA: DRB-Hicom Bhd said its indirect wholly owned subsidiary, Hicom Megah Sdn Bhd, is selling a shopping mall in Singapore for S$317mil (RM965mil).

Hicom Megah controls 90% of Corwin Holdings Pte Ltd, the owner of a six-storey shopping mall known as The Verge, located at Serangoon Road. The Verge has a total net lettable area of approximately 130,250 sq ft and its net book value was S$140mil as at March 31.