Singapore Post (SingPost) announced on May 14 that it will retain its flagship SingPost Centre mall and undertake upgrades rather than sell the property as previously considered [1, 2, 3]. CEO Mark Chong said, "Today, I can be clear to state that we are keeping SingPost Centre. It is not for sale" [1]. He emphasized that the mall remains "a crucial part of our portfolio" [2].
The company plans to enhance the mall’s facilities and retail experience and increase commercial rental space over the next two years [1]. Costs for the upgrade have not been disclosed, though SingPost has appointed an architect and the study is ongoing [1].
Chong cited the expected value increase following the planned relocation of Paya Lebar Air Base from 2030. This will lift current height restrictions on the site, allowing greater redevelopment potential at SingPost Centre [1].
SingPost’s revenue declined 23.1% year-on-year to S$376.1 million for the financial year ended March 31 [1]. The drop was mainly driven by a 55.2% fall in international revenue, amid macroeconomic volatility and declining letter mail volumes [1].
The decision to retain the mall reverses earlier signals that SingPost was considering divesting the SingPost Centre [1, 3]. This comes after a period of restructuring that began in 2024, when three senior executives were fired. Another five executives left in early 2025 [1]. Mark Chong took over as CEO on November 1, 2025 [1].
SingPost’s plan to upgrade SingPost Centre aims to boost commercial value and tenant offerings ahead of the major redevelopment opportunity after 2030 [1].
