CapitalLand has signed an agreement to sell The Star Vista to Rock Productions for S$296 million (US$217 million).
The deal is about 13 percent higher than the property was valued at last June.
Opened in 2012, The Star Vista shopping mall has a net lettable area of about 162,500sqft with major tenants including Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage. Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-story integrated development which also includes a 5,000-seat auditorium.
The divestment, which is planned to be completed this year, is expected to generate a net gain of about $32 million for CapitalLand.
“The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy,” said Jason Leow, president at Singapore & International at CapitaLand Group.
“Year to date, CapitaLand has divested close to $5.7 billion worth of assets, exceeding our annual target divestment of $3 billion. The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities.”
Rock Productions owns The Star Performing Arts Centre which co-located with The Star Vista. CapitalLand now owns 19 malls, including one under development, in Singapore after the agreement.