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CapitaLand to sell The Star Vista for S$296m

New Creation Church expects mall to generate healthy returns for its business arm

Published Wed, Nov 20, 2019 · 09:50 PM
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Singapore

CAPITALAND is selling its stake in a mall to the partner with whom it had jointly developed the property.

The mainboard-listed company said in a statement on Wednesday that it will sell The Star Vista to Rock Productions, the business arm of New Creation Church (NCC) for S$296 million.

The Star Vista, which is the retail portion of the integrated development, was valued at S$262 million as at June 30, 2019.

The divestment is targeted to be completed by the end of the year and is expected to generate for …

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