CapitaLand sells 70% stake in Westgate to CMT for S$789.6m
Mall sold at 4.3% property yield, which manager says is undemanding and relatively fair
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Singapore
AS PART of its capital recycling exercise, property developer CapitaLand on Monday said that it has agreed to sell to CapitaLand Mall Trust (CMT) its 70 per cent stake in Westgate - the retail component of an integrated retail and office development in Jurong - for S$789.6 million.
This values a full 100-per-cent stake in the development at S$1.128 billion, and translates to S$2,746 per square foot (psf).
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