SC Capital Partners sells Rivervale Mall in Sengkang for around S$276 million

[SINGAPORE] Suchad Chiaranussati’s SC Capital Partners has inked a deal to sell Rivervale Mall, a suburban retail mall in Sengkang which it acquired seven years ago, for about S$276 million, The Business Times has learnt.

The property is being sold to a buyer linked to Master Contract Services, a facilities maintenance company that moved into property development, which about three months earlier acquired Orchid Hotel for about S$273 million.

At S$276 million, the price tag for Rivervale Mall works out to about S$3,401 per square foot of net lettable area of 81,150 square feet. This represents a net yield of about 4.7 per cent.

SC Capital Partners had acquired the Sengkang mall in 2019 for S$230 million from US-based property fund manager AEW, which held the property for some four years after buying it from CapitaLand Mall Trust for S$190.5 million in 2015.

During the time it owned it, AEW did some renovation works, including converting more of the shopping centre’s lettable space to F&B use.

Located at the junction of Rivervale Crescent and Rivervale Drive in north-eastern Singapore, the mall is on a site with a 99-year leasehold tenure starting Dec 6, 1997. This translates to a balance land lease of about 70 years.

The suburban mall spans three levels and has an adjacent four-storey car park. It houses a mix of retail, F&B and service tenants, including supermarket chain Sheng Siong, BreadTalk and Watsons.

The deal is expected to be completed at the end of the month. Savills Singapore is understood to have brokered the deal. The firm declined to comment when contacted by BT.

Singapore-based SC Capital Partners, started by Chiaranussati in 2004, is now 40 per cent owned by CapitaLand Investment (CLI). CLI acquired the stake in the private-equity real estate investment manager in March 2025 for S$280 million, and plans to buy out the rest of the firm in phases, with full ownership targeted by 2030.

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Master Contract Services, owned by Leow Ban Leong and Leong Suet Wah, recently teamed up with Westmont Hospitality Group to acquire Orchid Hotel in Tanjong Pagar for about S$273 million. The deal is expected to be completed in the third quarter of this year.

The construction and property group was part of a consortium that developed the former Joo Chiat Police Station site in East Coast Road into Katong Square and two hotels: Holiday Inn Express Singapore Katong and Hotel Indigo Singapore Katong.

Master Contract Services has also jointly developed residential projects with partners, including Skies Miltonia in Yishun and The Amore executive condominium in Punggol.

The Rivervale Mall sale is the latest in a flurry of retail property deals done this year. Frasers Centrepoint Trust is selling White Sands mall in Pasir Ris for S$467 million to an entity of Jack Investment, which is headed by prominent Hainanese businessman Han Chee Juan.

Hongkong Land’s Singapore Central Private Real Estate Fund inked a deal in July to acquire Wheelock Place from Wharf Real Estate Investment Company for S$1.1 billion.

Wharf also sold its Scotts Square to Royal Holdings and RB Capital for S$310 million, a deal announced in early September.