{"id":85866,"date":"2018-04-19T11:28:17","date_gmt":"2018-04-19T04:28:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sembawang-shopping-centre-sold-to-lian-beng-joint-venture-for-248m\/"},"modified":"2018-04-19T12:02:54","modified_gmt":"2018-04-19T05:02:54","slug":"sembawang-shopping-centre-sold-to-lian-beng-joint-venture-for-248m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sembawang-shopping-centre-sold-to-lian-beng-joint-venture-for-248m\/","title":{"rendered":"Sembawang Shopping Centre sold to Lian Beng joint venture for $248m"},"content":{"rendered":"


\nThis is the largest transaction value achieved for a stand-alone retail mall with an original 999-year lease. (Photo: Colliers International)
\nSembawang Shopping Centre along Sembawang Road has been sold by CapitaLand Mall Trust (CMT) to a joint venture between Lian Beng Group and Apricot Capital for $248 million, marketing agent Colliers International said on Thursday (19 Apr).
\nThis is the largest transaction value achieved for a stand-alone retail mall with an original 999-year lease.
\nMore: Sim Lim Square Attempting $1.1 Billion En Bloc Sale
\nLocated close to the Sembawang and Yishun MRT stations, Sembawang Shopping Centre was originally completed in 1997. CMT acquired the property in 2005 and it was subsequently reopened to shoppers in 2008.
\nThe mall comprises four levels of retail space with a net lettable area of 143,631 sq ft. Major tenants include Giant, Yamaha Music School, Food Junction and Daiso Japan.
\nIn a statement, CMT said that Sembawang Shopping Centre was valued at $126 million as at end 2017. The sale is expected to generate net proceeds of about $245.6 million and a net gain of around $119.6 million when the transaction is completed by June.
\n\u201cThere is strong interest and healthy appetite among both local and regional investors for Singapore suburban retail properties that offer stable recurring income. Sembawang Shopping Centre also offers inherent investment potential that will benefit from the future growth of the surrounding precinct,\u201d said Terence Tang, managing director of Asia capital markets & investment services at Colliers International.
\nJerome Wright, director of capital markets & investment services at Colliers International, added: \u201cThe Singapore real estate sector has witnessed a steady flow of deals in recent years, driven by buoyant investor sentiment as well as recovery in the residential and commercial property segments. We expect investment sales to remain robust this year against a backdrop of improving business outlook and stronger economic growth in the city-state.\u201d
\nUpon completion of the transaction, CMT\u2019s Singapore portfolio will comprise 15 properties including Plaza Singapura, Bugis Junction and JCube.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sembawang Shopping Centre sold to Lian Beng joint venture for 8m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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