Singaporeans buy NZ mall
Singaporean investors have bought a well-known New Zealand shopping centre for NZ$96 million (US$75.9 million).
The new owners of Pakuranga Plaza are the CEO of Global Yellow Pages Stanley Tan and Pang Yoke Min of Southeast Asian investment group GYP Properties, a subsidiary of Global Yellow Pages.
The 49 year old centre has been extensively refurbished over the last 18 months and is anchored by department stores Farmers and The Warehouse and a Countdown supermarket.
Tan said he invested in the property because of the development potential.
“There are a multitude of opportunities regarding the future development of the site; including the possibility of hotels, residential accommodation, office blocks and on-site entertainment to make Pakuranga Plaza a one stop destination,” he said.
One such possibility is a 12 storey, 1000-unit apartment complex, plans for which have already been provisionally approved by the Auckland City Council.
* Picture credit: Unsworth Shepherd, which won a design award for the centre’s logo.