CapitaLand Mall Trust sells Sembawang Shopping Centre for S$248 million

A Lian Beng JV has bought Sembawang Shopping Centre for S$248 million.
CapitaLand Mall Trust

CapitaLand Mall Trust (CMT) has agreed to sell Sembawang Shopping Centre to a joint venture between Lian Beng Group and Apricot Capital for S$248 million, the company said on Thursday (Apr 19).

An independent valuation on Dec 31 last year valued the retail mall at S$126 million.

The divestment is expected to generate net proceeds of about S$245.6 million and a net gain of about S$119.6 million when the transaction is completed by June 2018.

Tony Tan, CEO of CapitaLand Mall Trust Management Limited (CMTML), said that the divestment of Sembawang Shopping Centre would be in line with its portfolio management strategy of maximising returns for unit holders.

“By unlocking the value of Sembawang Shopping Centre at this stage, it will realise the optimal value for CMT’s unitholders,” he said.

Sembawang Shopping Centre, which has a net lettable area of 143,631 square feet, accounts for about 1% of CMT’s total asset value, and its sale is expected to have minimal impact on CMT’s financial performance and distribution per unit.

CMT’s portfolio currently comprises 15 other suburban and downtown core properties in Singapore, including Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore, Lot One Shoppers’ Mall, Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Westgate and Bedok Mall.