CapitaLand sells shopping mall in Singapore for S$296m

CapitaLand sells shopping mall in Singapore for S$296m
The Star Vista Photo :Courtesy of CapitaLand

CapitaLand has entered into an agreement to sell The Star Vista shopping mall for S$296 million to Rock Productions, owner of The Star Performing Arts Centre that is co-located with The Star Vista in the same development.

Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-storey integrated development which also includes a 5,000-seat auditorium.

Opened in September 2012, the mall comprises three levels of retail space – two levels above ground and one basement level – with a net lettable area of about 162,500 square feet. The mall registered an occupancy of 95% as at 30 June 2019. Its major tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.

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“The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy. Year to date, CapitaLand has divested close to S$5.7 billion worth of assets, exceeding our annual target divestment of S$3 billion. The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities,” said T Mr Jason Leow, President, Singapore & International, CapitaLand Group.

Upon completion of this transaction, CapitaLand will own 19 malls, including one under development, in Singapore.