Paragon REIT finalises sale of Figtree Grove Shopping Centre

A deposit of approximately A$9.6m has already been paid by the purchaser.

PARAGON REIT Management Pte. Ltd. has announced the successful exercise of a call option for the divestment of the Figtree Grove Shopping Centre.

This follows the earlier announcement on 22 November 2024, regarding the entry into a Put and Call Option Deed for the proposed sale.

In line with the Option Deed terms, DBS Trustee Limited, acting as trustee of PARAGON REIT through its 85%-owned Figtree Trust, has finalised a sale and purchase agreement (SPA) with an unrelated third-party buyer. The agreement facilitates the divestment of the Figtree Grove property without requiring additional conditions precedent.

A deposit of approximately A$9.6m, representing 5% of the divestment consideration, has already been paid by the purchaser. The remaining balance will be settled in cash upon the completion of the transaction, which is anticipated in the first quarter of FY2025. The agreement includes standard terms, including warranties and limits on the vendor’s liabilities.

No directors or controlling unitholders of the manager, aside from their existing interests in PARAGON REIT, are involved in the transaction.

The divestment aligns with PARAGON REIT’s strategy to optimise its property portfolio.

Follow the link for more news on

Paragon REIT

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia