CapitaLand sells The Star Vista mall in Singapore for $217m

The Star Vista mall. Photo: CapitaLand

Property developer CapitaLand has agreed to sell The Star Vista, a shopping mall in Singapore, for S$296 million ($217 million), according to an announcement on Wednesday.

The Star Vista is a part of a 15-storey integrated development located next to Buona Vista MRT Interchange in Singapore. The shopping mall first opened in September 2012 and had a 95 per cent occupancy rate as at 30 June 2019.

The buyer is Rock Productions, the owner of The Star Performing Arts Center that is co-located with the shopping mall. The transaction is expected to be completed by the end of this calendar year.

The agreed sale value is higher than Star Vista’s value as at 30 June 2019 of around S$262 million, CapitaLand said. The sale is expected to generate around S$145 million of net proceeds and around $32 million of net gain for the developer.

The divestment of the shopping mall is in line with CapitaLand’s asset recycling strategy, said CapitaLand Group Singapore and International president Jason Leow.

Following the completion of The Star Vista divestment, CapitaLand will own a total of 19 shopping malls, including one under development in Singapore.

This year, the property developer has divested almost S$5.7 billion of assets, exceeding the company’s annual divestment target of S$3 billion.

In June, CapitaLand announced its plan to divest three Chinese malls to CapitaLand Retail China Trust (CRCT) for 2.96 billion yuan ($427 million). This month, it said it will sell a total of 30 business parks located in the USA to Ascendas Real Estate Investment Trust for S$1.66 billion ($1.22 billion).

As at 30 September 2019, CapitaLand owned and managed a global portfolio worth
S$131.7 billion. The company manages eight listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds.

CapitaLand’s REITs and business trusts include Ascendas Reit, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust, CapitaLand Malaysia Mall Trust and Ascendas Hospitality Trust.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.