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Metro-Sim Lian JV trim Western Australia exposure with $30.5 mil mall sale

EdgeProp Singapore

/ EdgeProp Singapore

November 6, 2025 8:21 PM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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Dalyellup Shopping Centre, which has been sold for $30.5 million (Photo: Metro Holdings-Sim Lian Group)

Dalyellup Shopping Centre, which has been sold for $30.5 million (Photo: Metro Holdings-Sim Lian Group)

Singapore-listed property investment and development group Metro Holdings announced on Nov 6 that it has divested Dalyellup Shopping Centre, a freehold neighbourhood retail property at 54 Tiffany Centre, Dalyellup, in Western Australia. The property was held under a 30:70 joint venture with the Sim Lian Group of Companies.

The joint-venture partners sold the mall for $30.5 million, translating to $438 psf based on a net lettable area (NLA) of 6,468 sq m (69,622 sq ft).

In October 2024, the Metro–Sim Lian joint venture had acquired a 27-storey office building at 1 Castlereagh Street in Sydney’s CBD for $172.3 million.

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Together with the latest divestment in Dalyellup, the portfolio has increased its exposure to Australia’s eastern seaboard while reducing its presence in Western Australia.

“Despite the challenging market environment, the sale consideration for the property is at a slight premium over its latest book value,” said Yip Hoong Mun, Metro’s group CEO and executive director. “We will continue to rationalise our Australian portfolio and optimise returns.”

The estimated net sale proceeds from the divestment amount to $13.6 million, of which Metro’s 30% share works out to $4.1 million.

Following the Dalyellup divestment, Metro and Sim Lian’s Australian portfolio will stand at an appraised value of $1.16 billion, comprising 17 freehold properties — five office buildings and 12 retail centres — with a total NLA of 169,811 sq m (1.83 million sq ft).

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