Bookmark & Share
The Star Vista was valued at $262 million as at 30 June 2019.
CapitaLand has agreed to sell The Star Vista for $296 million to Rock Productions, which owns The Star Performing Arts Centre that is co-located with The Star Vista within the same development.
Latest independent valuation showed that The Star Vista was valued at $262 million as at 30 June 2019.
Set to be completed by the end of this year, the divestment is expected to generate net proceeds of about $145 million and a net gain of about $32 million for CapitaLand.
Opened in September 2012, The Star Vista is located right next to the Buona Vista MRT interchange. It forms part of a 15-storey integrated development that includes a 5,000-seat auditorium.
With a net lettable area of around 162,500 square feet, the mall features three levels of retail space – one basement level and two levels above ground. It achieved an occupancy rate of 95% as at 30 June 2019, with major tenants including Canton Paradise Teahouse, Beauty in the Pot and LeNu, Swee Lee, Redman by Phoon Hua, and Cold Storage.
The completion of the transaction will see CapitaLand owning 19 malls, which include one under development in Singapore.
“The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy,” said Jason Leow, president, Singapore & International, CapitaLand Group.
He revealed that CapitaLand has divested almost $5.7 billion worth of assets year to date, which is higher than its annual target divestment of $3 billion.
“The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities,” he added.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
Related Articles:
CapitaLand launches Raffles City Chongqing mall in China
CapitaLand Commercial Trust’s DPU unchanged at 2.20 cents in Q3