Keppel sells i12 Katong to Altallo Holdings for $372 mil

EdgeProp Singapore

/ EdgeProp Singapore

April 23, 2026 1:15 PM SGT

propertyeditor@edgeprop.sg

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As at end-January 2026, i12 Katong had a committed occupancy of about 96% (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Keppel has agreed to sell its six-storey retail mall, i12 Katong, for about $372 million to Altallo Holdings, a Singapore-based private investment firm founded last year.

The mall sits on a 99-year leasehold site from 1979, with a remaining tenure of about 52 years and has a net lettable area (NLA) of about 211,950 sq ft. The $372 million price tag translates to about $1,755 psf based on NLA.

Located at the junction of East Coast Road and Joo Chiat Road, i12 Katong underwent a major asset enhancement initiative over nearly two years. The mall closed in early 2020 and reopened in phases from December 2021.

Current tenants include CS Fresh (Cold Storage’s premium concept), Canadian coffeehouse chain Tim Hortons, Ippudo Ramen, Golden Village cinema and athletic apparel brand Lululemon. As at end-January 2026, the mall had a committed occupancy of about 96%.

Originally opened in 2011, i12 Katong was a redevelopment of the former Katong Mall (1995), which itself had replaced Katong People’s Complex (1983).

The asset has changed hands several times. In November 2009, a consortium led by Perennial Holdings acquired the former Katong Mall for $247.55 million and undertook redevelopment works costing about $60 million.

Perennial, together with Beijing Hualian Group (BHG) Holdings and BreadTalk Group, held a combined 22.4% stake in i12 Katong, while Keppel’s private fund manager, Alpha Investment Partners, held the remaining majority stake through its Alpha Asia Macro Trend Funds.

Keppel later consolidated the ownership. In January 2016, it acquired the 22.4% stake owned collectively by Perennial, BHG and BreadTalk, for $51.4 million, and also took over the management of the mall from Perennial (Singapore) Retail Management.

In December 2018, Keppel Land’s wholly owned subsidiary, DC Reit Holdings, acquired the remaining 77.6% stake for $56.6 million.

With Altallo Asset Management as the new owner, the mall could be repositioned further as part of the evolving East Coast retail landscape.

The transaction, announced on 22 April 2026, is expected to be completed in 2Q2026

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