Tag Archives: CapitaLand Mall Trust

CapitaLand Mall Trust to redevelop Funan DigitaLife Mall

Funan DigitaLife Mall on North Bridge Road – a shopping centre primarily known for shops selling computers and other electronic gadgets – will be closed from the third quarter of 2016, to be redeveloped into a “creative hub”.

The mall will be closed for about three years, said CapitaLand Mall Trust Management in a press release on Thursday (Dec 10).

The real estate investment trust had hinted at such a move in July, when it suggested the mall could be sold or redeveloped.

Funan DigitaLife Mall has utilised 3.861 of its allowable Gross Plot Ratio of 7.0, and currently has an untapped Gross Floor Area (GFA) of about 388,000 square feet, said the trust.

Mr Wilson Tan, CEO of CapitaLand Mall Trust Management, said: “Given its excellent location and the strong potential for an integrated development on this site, we believe that the redevelopment of Funan DigitaLife Mall will create the greatest value for our unitholders.

“The new building on the Funan site will be an aspirational lifestyle destination that will enthrall shoppers and retailers. It will be an experiential creative hub within the city that engages communities to incubate new ideas and passions, and enables shoppers to enjoy retail in a technology-enabled environment. It will serve as a collaborative platform to connect retail, cultural, learning and business opportunities, and play a big part in the rejuvenation of the Civic District.”

More details on the new development will be announced at a later date, added the real estate investment trust, an indirect wholly-owned subsidiary of the Singapore-listed CapitaLand Limited.

Source : Channel NewsAsia – 10 Dec 2015

CapitaLand Mall Trust sells Rivervale Mall for S$190.5 million

Rivervale Mall at Sengkang will soon have new owners, following CapitaLand Mall Trust’s (CMT) decision to sell the property to a private equity fund managed by AEW Asia for S$190.5 million.

CMT, which announced the sale on Thursday (Oct 15), said it will realise a gain of about S$72 million, after taking into account the divestment fee and other expenses. The property had been valued at S$116 million in June this year.

The sale of Rivervale Mall is expected to be completed on or about Dec 15. Upon completion, CMT will be left with a portfolio of 16 operational shopping malls in Singapore.

Completed in 2001, Rivervale Mall is a three-storey shopping mall with a net lettable area of 81,159 sq ft. Its major tenants include NTUC, Daiso, McDonald’s and United Overseas Bank. The mall had a committed occupancy of 100 per cent as at 30 Sep.

CMT is Singapore’s largest retail property landlord. It is also the Republic’s largest real estate investment trust (REIT) by market capitalisation, and its other properties in Singapore include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction and Clarke Quay. The trust also has stakes in Raffles City Singapore and Westgate.

Source : Channel NewsAsia – 15 Oct 2015

CapitaLand Mall Trust to buy Bedok Mall for S$780m

CapitaLand Mall Trust (CMT), Singapore’s largest shopping mall trust, will buy Bedok Mall from sponsor CapitaLand in a deal that values the mall at S$780 million.

The 222,500 square foot Bedok Mall, which opened in December 2013, is part of an integrated retail-residential-transport development at Bedok Town Centre that includes the 583-unit condominium Bedok Residences developed by CapitaLand.

The mall’s Basement 2 is directly linked to the Bedok MRT station, while the new air-conditioned Bedok bus interchange is integrated with the mall on Level 2. Bedok Mall’s key tenants include Fairprice Finest, UNIQLO and Best Denki.

“The proposed acquisition of Bedok Mall complements CMT’s current portfolio of mainly suburban malls catering to the necessity shopping segment,” Mr Wilson Tan, CEO of CapitaLand Mall Trust Management, said in a statement.

“It will increase CMT’s asset size from S$10.2 billion as at 31 March 2015 to about S$11 billion,” he added.

CMT’s properties include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Clarke Quay and Raffles City Singapore, in which it has a 40 per cent interest.

CapitaLand Mall Trust Management is an indirect wholly-owned subsidiary of CapitaLand.

Source : Channel NewsAsia – 14 Jul 2015