SPH REIT has entered into an agreement to purchase The Rail Mall for $63.24 million, with funding from debt and internal resources.

SPH REIT will be acquiring the property from Pulau Properties, owned by Lee Foundation and the Lee family.

The Rail Mall is a 99-year leasehold commercial estate in District 23, comprising 43 single-storey shop units, 95 private car-park lots and 360m of main road frontage on Upper Bukit Timah Road. The commercial strip is a three-minute walk from the Hillview MRT station. It has a total net lettable area of about 50,000 sq ft. The property lease started on March 18, 1947, with 28 years remaining.

Edmund Tie & Co, an independent valuer, valued the retail strip at $62.9 million.