One of Asia’s largest diversified real estate groups, CapitaLand Limited recently announced that it has agreed to sell The Star Vista, one of its iconic shopping malls located in Singapore, for nearly $217 million to Rock Productions which is the business arm of the New Creation Church headed by Popular televangelist Joseph Prince.
In a press release on November 20, the company announced the sale of the seven-year-old mall on its website to the New Creation Church, which already owns The Star Performing Arts Centre that is co-located in the same development as the mall and is used for church services.
“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 S$5.7 billion worth of assets, exceeding our annual target divestment of S$3 billion. The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities,” Jason Leow, president, Singapore & International, CapitaLand Group said in the release.
The Mall, located next to the Buona Vista MRT Interchange, is part of a 15-story integrated development which also includes a 5,000-seat auditorium. Commissioned sometimes ago in September 2012, the mall comprises three levels of retail space, two levels above ground, and one basement level with a net lettable area of about 162,500 square feet.
aS AT 30th June 2019, The mall has registered an occupancy of 95% and Its major tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.