SINGAPORE (EDGEPROP) - The manager of CapitaLand Integrated Commercial Trust (CICT) has, on March 10, announced the closure of its $340 million disposal of JCube, a mall located in Jurong Gateway, to CapitaLand Group.

On Jan 24, CICT had announced that it entered into a sale and purchase agreement (SPA) with Tanglin RE Holdings for the sale of the property. Tanglin RE Holdings is an indirect subsidiary of CapitaLand.

JCube has a total of five storeys, with three basement levels and a roof garden. It has a total net lettable area of 210,038 sq ft with a 99-year leasehold with effect from March 1, 1991. As at Dec 31, 2021, the mall, which was developed by CICT, had a committed occupancy of 95.5%

JLL acted as advisor to CICT on the deal. “Singapore retail is a tightly held sector and JCube provides an investor immediate income and longer-term opportunities to ride on the expansion growth plans of the wider Jurong Lake District,” says Heather Liew, senior director, capital markets, Singapore, at JLL.

Ting Lim, JLL's head of capital markets, Singapore, adds that the Singapore commercial investment market continues to draw strong interest from global institutional investors to major domestic developers. (Find Singapore commercial properties with our commercial directory)

“We are seeing more competition and demand in the suburban retail market over the last 18 months and this will continue in 2022 and beyond,” Lim says.

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