SC Capital Partners buys Rivervale Mall
Rivervale Mall in Sengkang has been sold to Singapore-based private equity real estate firm SC Capital Partners for $230 million, according to Business Times.
Located at the corner of Rivervale Crescent and Rivervale Drive, the 81,193sqft mall spans three levels and has an adjacent four-storey car park podium with more than 170 lots.
US-based property fund manager AEW bought Rivervale Mall in late 2015 for $190.5 million from CapitaLand Mall Trust. At the selling point, the price was $2833 per square foot based on Rivervale Mall’s net lettable area (NLA).
Rivervale Mall is anchored by NTUC FairPrice which occupies about 22,000 sqft. Tenants providing education, medical and beauty services each account for about 10 per cent share of the NLA.
AEW now has three assets in Singapore including Twenty Anson, 55 Market Street and the street-level unit at Prudential Tower, all in the CBD.