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Report: CapitaLand, City Developments to buy Singapore mall for S$400M

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Report: CapitaLand, City Developments to buy Singapore mall for S$400M

CapitaLand Ltd. and City Developments Ltd. are understood to have signed a put-and-call option for the S$400 million acquisition of the Liang Court mall in Singapore, The (Singapore) Business Times reported.

The retail property at the center of the deal is owned by three parties including a PGIM Real Estate-affiliated entity. It is part of the Liang Court complex along with Ascott Residence Trust's Somerset Liang Court Singapore and CDL Hospitality Trusts' Novotel Singapore Clarke Quay, according to the publication.

The Liang Court complex, which occupies a leasehold site with a term of approximately 97 years, is zoned for commercial and residential use with a 7.6 plot ratio under the Urban Redevelopment Authority's Master Plan 2014. PGIM Real Estate, CapitaLand and City Developments have been considering to jointly redevelop the property into a mixed-use project over the past few years, the March 19 report added.

As of March 18, US$1 was equivalent to S$1.35.