Keppel announced the divestment of its suburban retail mall i12 Katong in Singapore for approximately S$372 million, as part of its strategy to monetize non-core assets. The asset is being sold to Altallo Holdings, with the transaction expected to be completed in the second quarter of 2026.

The deal structure includes a nominal amount for the equity sale and the bulk of the consideration allocated to the repayment of a shareholder loan. Keppel stated that the pricing reflects a willing-buyer, willing-seller basis, taking into account the asset’s adjusted net value.

i12 Katong is a five-storey retail mall with high occupancy of around 96%, housing tenants such as supermarkets, cinemas, and fitness operators. The company emphasized that the sale follows a competitive bidding process and will unlock capital for reinvestment into higher-return opportunities, while also supporting debt reduction and shareholder returns.

Since launching its asset monetisation programme in 2020, Keppel has announced approximately S$14.9 billion in divestments. The company noted that this latest transaction is not expected to have a material impact on its earnings or net asset value for the current financial year.