S'pore buys prime mall in Malaysia

S'pore buys prime mall in Malaysia

SINGAPORE: The Singapore government said on Monday it has bought a majority stake in a prime shopping center in Malaysia's southern Johor state.

The Government of Singapore Investment Corporation, through its property arm GIC Real Estate, made the acquisition in Johor Bahru City Square through a venture with Malaysia's Merit Properties Sdn. Bhd.

It would own 70 percent of the shopping center while Merit would hold the remainder, the GIC said in a statement, without revealing the sale price.

Its real estate arm has made big investments in neighboring economies, buying hotels in Australia and commercial buildings in Seoul and Tokyo. -- AFP