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Singapore-based SC Capital has acquired Rivervale Mall in Sengkang for $230 million from a fund managed by AEW, reported Mingtiandi citing sources familiar with the deal.
The price works out to $2,833 psf based on the mall’s net lettable area of 81,193 sq ft.
With 77 years left on its 99-year lease, the three-storey mall is served by a four-storey car park and is anchored by a 22,000 sq ft supermarket. Other mid-market lifestyle tenants include hair salons, Anytime Fitness gym and BreadTalk.
Given its current leasing, the mall is expected to have a yield of more than four percent.
AEW bought the mall in October 2015 from CapitaLand Mall Trust for $190.5 million. This means the Boston-based firm witnessed an increase in capital value of almost $40 million on the property during its three years of ownership.
Upon purchasing the mall, AEW reportedly invested in renovating the property, including upgrading the lighting and flooring in the common areas.
It also pursued a new leasing strategy which helped shift the tenant mix of the mall to 30 percent food and beverage providers from 20 percent previously.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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