>

>

CapitaLand sells The Star Vista for $296 mil

By Charlene Chin

/ EdgeProp Singapore |

November 20, 2019 6:23 PM SGT

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.

Read also:

CapitaLand’s co-working platform Bridge+ expands to the CBD

CapitaLand and CDL sell 32% of Sengkang Grand Residences on launch weekend

CapitaLand plans to more than double AUM in India to $7 bil by 2024

Tags:

CapitaLand The Star Vista Rock Productions The Star Performing Arts Centre Buona Vista MRT Beauty in the Pot LeNu Canton Paradise Teahouse Redman by Phoon Huat Swee Lee Cold Storage

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00