CapitaLand sells Rivervale Mall

As previewed by Inside Retail Singapore in August, CapitaLand Mall Trust has sold the Rivervale Mall at Sengkang.

Confirming the sale after an extensive review process, CMT says it will realise a profit of S$72 million after taking into account sale expenses.

A private equity fund managed by AEW Asia has agreed to pay $190.5 million for the property which has a valuation of $116 million. Settlement will be about December 15.

Rivervale Mall, which opened in 2001, is located in the Sengkang housing estate close to Rumbia LRT station in the north-eastern region of Singapore. The three-storey mall has a net lettable area of 7540 sqm.

Key tenants include NTUC Foodfare, Daiso, Bata, Eu Yan Sang TCM, McDonald’s, Long John Silver’s, Guardian, KFC, BBQ Chicken, Watsons, Kimage, NTUC Denticare, Unity NTUC Healthcare.

CMT says the sale was in line with the company’s policy of continually evaluating its portfolio of assets “and exploring opportunities to maximise” their value.

CMT still has 15 shopping centre properties in the city state, including Clarke Quay, Plaza Singapura, Tampines Mall, Bugis Junction, Junction 8 and stakes in Raffles City and Westgate.


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