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.