15 October 2015 – Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is pleased to announce that it has successfully advised the sale of Rivervale Mall to a fund managed by AEW Asia at an acquisition price of S$190.5 million.
Colliers International was appointed as the exclusive sale advisor by CapitaLand Mall Trust Management Limited, the manager of CapitaLand Mall Trust which owns the mall, to conduct a competitive bidding process.
Mr Terence Tang (邓文杰), Managing Director, Capital Markets and Investment Services | Asia, Colliers International, says, “We would like to congratulate AEW Asia1 on the successful acquisition of its first retail mall in Singapore. The sale of Rivervale Mall is one of the largest retail property transactions in Singapore this year to date. It presents a rare opportunity for the buyer to acquire an income-producing suburban mall in Singapore.”
Mr Tang continues, “Suburban retail is still an attractive sector for investors, given the resilient nature of the asset class. Investors are keen on such real estate investment products with stable yield and good attributes.”
Rivervale Mall is a suburban mall situated within the housing area of Sengkang New Town, in the north-eastern part of Singapore. It consists of three retail levels and is part of a mixed development comprising 490 units of residential units known as Rivervale Crest. Rivervale Mall has a total net lettable area of 81,159 square feet. It has a leasehold tenure of 99 years, with effect from 6 December 1997.