CapitaLand has sold a shopping centre in Singapore for S$296m (鈧�196.4m), bringing the total proceeds of asset recycling to S$5.7bn in the past 12 months.
The Star Vista shopping centre has been sold to Rock Productions, owner of The Star Performing Arts Centre, which co-locates its performing centre with the shopping mall.
The Star Vista, located next to a subway station registered occupancy of 95% as at 30 June 2019. It is part of a 15-storey integrated development, which also includes a 5,000-seat auditorium.
Jason Leow, president, Singapore and international, CapitaLand Group, said: 鈥淭he divestment of The Star Vista is in line with CapitaLand鈥檚 active and disciplined asset recycling strategy.鈥�
Leow said the group had exceeded its annual target divestment of S$3bn in the year-to-date.
鈥淭he proceeds from these divestments will enhance CapitaLand鈥檚 financial flexibility to seize new growth opportunities,鈥� he said.
Upon completion of this transaction, CapitaLand will own 19 malls, including one under development, in Singapore.
