No final decision had been made yet, says managing director.

Hamdan had been deputy MD of Iris for four years since Aug 27, 2013.

The latest remark by the bank-backed investment firm came as it maintained a “market weight” stance on the country’s real estate investment trust landscape, “given the lack of compelling catalysts in the near term”.

This is the property’s most significant overhaul since opening its doors in 1993, and will entail building new components besides refreshing existing facilities.

Shares in the REIT rose 0.5 sen to last trade at 95 sen as at 2.12pm with 100,700 shares done.

Following the acquisition, the group will continue to tender for more construction projects.

The CEO post was left vacant for more than a year. Chua is replacing Teo Juhn How, who resigned on June 8, 2016 to pursue other professional interests.

Constructed on a 3.2-acre (1.29ha) leasehold land, M3 Mall is part of a larger mixed development project known as Medan Mega Melati, which also includes the M3 Residency.

A duplex penthouse at Volari on ­Balmoral Road was sold at a 22% loss.

Super-expensive condos in Singapore have recently been sold.