In late 2009, SPH together with NTUC FairPrice and NTUC Income made a bid for Clementi Mall at a hefty price of $541M, a cool 41.9% above the next highest bid of $382M. SPH share price immediately took a hit as everyone unanimously conluded that the bid price is way too high. It is probably still true today that SPH overbid for Clementi Mall at the expense of shareholders.
The consolation however is the recent asset evaluation done by Knight Frank for SPH three properties (includiing site at Sengkang). KF valuated Clementi Mall at $598m based on current market conditions.Hopefully this make those shareholders feel vindicated. However, it could have been a MUCH BETTER deal if SPH had been more prudent in its bid of Clementi Mall.