Reit and sponsor sold most properties

Paragon Reit and its sponsor, Cuscaden Peak Investments, have sold off most of their properties over the past two years, including assets in Singapore and overseas.

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Appraised value, are too small to offset the potential impact of the renovations for Paragon mall.

Cuscaden Peak Investments is a subsidiary of Cuscaden Peak, an investment company jointly held by Mapletree Investments and CLA Real Estate. Both companies are backed by Temasek.

Hotel Properties Limited, backed by Singapore tycoon Ong Beng Seng, is no longer part of the consortium, having exited on Jan 24 to focus its resources on the development of its other assets and projects.

Mr Ong, who is reportedly receiving treatment for cancer, faces two criminal charges in relation to dealings with former minister S. Iswaran.

The move to privatise Paragon Reit comes after the sale of several assets over the past two years.