SINGAPORE (EDGEPROP) - CapitaLand will sell The Star Vista to Rock Productions, owner of The Star Performing Arts Centre, for $296 million, the property group announced on Nov 20.
The divestment is targeted to be completed by end-2019, and is expected to generate net proceeds of about $145 million, and a net gain of about $32 million for CapitaLand. Based on the latest independent valuation as at June 30, The Star Vista was valued at $262 million.
“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 $5.7 billion worth of assets, exceeding our annual target divestment of $3 billion,” says Jason Leow, president, Singapore & International, Capitaland Group.
Upon completion of the divestment, CapitaLand will own 19 malls in Singapore, one of which is under development.
The Star Vista is right next to Buona Vista MRT Interchange Station on the Circle and East-West Lines. It is part of a 15-storey integrated development, which includes a 5,000-seat auditorium.
Opened in September 2012, the mall comprises three levels of retail space, with a net lettable area of about 162,500 sq ft.
The mall registered an occupancy of 95% as at June 30, 2019. Main tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.
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