Ravi Chandran
Colliers International today announced that it has successfully brokered a deal for the sale of Sembawang Shopping Centre for $248 million. This is one of the largest sale values achieved in recent years for a stand-alone retail mall in Singapore with an original leasehold tenure of 999 years.
Sembawang Shopping Centre has been sold to Lian Beng–Apricot (Sembawang) Pte Ltd by HSBC Institutional Trust Services (Singapore) Limited in its capacity as trustee of CapitaLand Mall Trust. Colliers is the exclusive marketing adviser for the deal.
Mr. Terence Tang, Managing Director of Asia Capital Markets & Investment Services at Colliers International, says, “Colliers undertook the mandate with a regional marketing effort. Singapore, one of the top investment destinations globally, continues to be rated highly by investors. There 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. We are delighted to have executed our client’s mandate successfully, delivering results as promised.”
Mr. Jerome Wright, Director of Capital Markets & Investment Services at Colliers International, says, “The 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.”
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The Sembawang Shopping Centre deal continues to reflect and affirm Colliers International’s proven track record and deep capabilities in the capital markets and real estate investment sales sector. Since September 2017, Colliers has successfully brokered nine major deals in Singapore – comprising Pomo (a mixed commercial complex), 22 units at Draycott 8, Jervois Gardens, Jervois Green, Parkway Mansion, City Towers, Pearlbank Apartments, Tulip Garden and Sembawang Shopping Centre – with a combined value of about $3 billion.
