Private equity real estate investment manager Firmus Capital Pte Ltd has acquired Le Quest Mall, a single-storey commercial property at Bukit Batok Street 41 in a deal brokered by OrangeTee Advisory.
The acquisition follows the firm’s recent acquisition of a property in Toa Payoh, which was subsequently leased to Tesla Singapore, and brings its newly launched Firmus Opportunity Fund VCC’s total assets under management to S$200 million.
Le Quest Mall occupies a gross floor area of 64,584 square feet and is the retail component of private mixed-residential development, Le Quest, which received its temporary occupation permit in March 2020. The development’s residential component comprises 516 residential units, all of which are fully sold.
The Mall’s key tenants include Fairprice Finest, Koufu, McDonald’s, KFC, Pizza Hut and Guardian pharmacy. With Covid-19 giving rise to increased adoption of work-from-home arrangements and re-shaping the preference of consumers for convenience retail centres closer to home over malls in the city, the Mall also has the potential to be a last-mile fulfilment hub for retail and F&B companies offering delivery and click-&-collect services.
“With global risk tolerance on an unprecedented downtrend, there is a capital flight to assets deemed secure with strong income generation capabilities. Le Quest Mall is a convenience centre that is well-located, with good accessibility serving a dense and
growing catchment population,” said Lim Su Kiat, Chief Executive Office of Firmus Capital and Fund Manager of Firmus Opportunity Fund VCC
“Our strategy is to curate a strong tenant mix focusing on necessities, essential services and F&B, and to position Le Quest Mall as top-of-mind for convenience-based shopping for the nearby residents,” he added.
Located in the heart of the fast-growing Bukit Batok West residential district, the Mall is well-positioned to serve a catchment of some 10,000 households within a 500-metre radius in the existing Bukit Batok West area, and upcoming Tengah estate.
It is about five minutes’ walk from the future Tengah Park MRT Station and Tengah Plantation MRT Station, and has a short, direct bus connection from the Bukit Batok and Bukit Gombak MRT Stations.
Le Quest is the second shopping mall in Bukit Batok, which was formerly served only by the 22-year-old West Mall. Its high occupancy at the early stage of the area’s development provides a first-mover advantage as it establishes itself as a key retail centre for daily needs.
Firmus Capital was established in 2017 and in a short period, has built a successful track record investing in a number of retail and commercial office buildings in Australia. The Fund is Firmus Capital’s inaugural Singapore-focused investment vehicle and was launched under. the Monetary Authority of Singapore’s Variable Capital Companies framework. – AsiaPEVCnews.com