SINGAPORE — CapitaLand has agreed to sell The Star Vista for $296 million to Rock Productions, the business unit of New Creation Church.
Based on the latest independent valuation, The Star Vista was valued at $262 million as at 30 June, CapitaLand said in a statement on Wednesday (20 November).
The Star Vista is part of a 15-storey integrated development, which includes the 5,000-seat The Star Performing Arts Centre owned by Rock Productions.
Opened in September 2012, the mall has three levels of retail space with a net lettable area of about 162,500 square feet. It registered an occupancy rate of 95 per cent as at end-June.
CapitaLand said it expects net proceeds of about $145 million and a net gain of about $32 million from the sale. The divestment is targeted to be completed by the end of this year.
“The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy” and the proceeds will enable the developer to seize new growth opportunities, said Jason Leow, CapitaLand’s President for Singapore & International.
CapitaLand has divested close to $5.7 billion worth of assets in the year to date, exceeding its annual target divestment of $3 billion.
After the completion of the deal, CapitaLand will own 19 malls in Singapore, including one under development.