Lian Beng JV buys Sembawang Shopping Centre from CapitaLand Mall Trust
The price tag is S$248m, nearly twice the valuation for the property done about four months ago
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LIAN Beng-Apricot Sembawang (LBAS) is buying Sembawang Shopping Centre from CapitaLand Mall Trust (CMT) for S$248 million, a price tag that is almost double the suburban mall's latest valuation.
LBAS is a 50-50 joint venture company of home-grown construction firm Lian Beng Group (Lian Beng), and Apricot Capital, the private investment firm of the Super Group's Teo family.
The sale is among the largest in value in recent years for a standalone retail mall with an original 999-year leasehold, said Colliers International, which brokered the deal.
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