CapitaLand will Promote The Star Vista to Stone Productions, owner of The Star Performing Arts Centre, for $296 million, the Land Team announced on Nov 20.
The divestment is targeted to be finished by end-2019, and is expected to generate net profits of about $145 million, and a net gain of about $32 million to CapitaLand.
“The divestment of this Star Vista is based on CapitaLand’s active and disciplined asset recycling strategy. Year to date, CapitaLand has divested near $5.7 billion worth of assets, exceeding our annual target divestment of $3 billion,” says Jason Leow, president, Singapore & International, Capitaland Group.
Upon completion of the divestment, CapitaLand will have 19 malls in Singapore, one of which will be under development.
It’s part of a 15-storey integrated development, which contains a 5,000-seat auditorium.
Founded in September 2012, the mall includes three degrees of retail space, using a net lettable area of about 162,500 sq ft.
The mall enrolled an occupancy of 95 percent as at June 30, 2019. Main tenants comprise Beauty from the Pot and LeNu, Canton Paradise Teahouse, Redman from Phoon Huat, Swee Lee and Cold Storage.