CapitaLand sells The Star Vista to Rock Productions for $296m

The mall comprises three levels of retail space with an NLA of 162,500 sqft.

CapitaLand has entered into an agreement to sell The Star Vista to Rock Productions, the owner of The Star Performing Arts Centre, for $296m, according to a press release.

Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-storey integrated development which also includes a 5,000-seat auditorium. The mall comprised three levels of retail space with a net lettable area (NLA) of about 162,500 sqft.

With an occupancy of 95% as at 30 June, its major tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.

The divestment is expected to be completed by year end and is expected to generate net proceeds of about $145m and a net gain of about $32m. The Star Vista was valued at $262m as at 30 June. After this transaction, CapitaLand will own 19 malls, including one under development in Singapore.

According to Jason Leow, president of Singapore & International in CapitaLand Group, the firm has divested nearly $5.7b worth of assets since the start of 2019, well beyond their yearly target of $3b.