SC Capital Partners Pte. Ltd. is believed to have bought the Rivervale Mall in Sengkang, Singapore, from AEW for S$230 million, The (Singapore) Business Times reported.

The deal for the property between the local private equity real estate firm and the U.S.-based property fund manager reflects a net yield north of 4%, according to the publication.

The three-level Rivervale Mall has a net lettable area of 81,193 square feet. It occupies a 99-year leasehold site and includes a four-story car park podium with more than 170 lots, the March 13 report added.

CapitaLand Mall Trust owned the property until late 2015, following a S$190.5 million transaction with AEW.

As of March 12, US$1 was equivalent to S$1.36.