CapitaLand sells Bukit Panjang Plaza for $428m to boost financial flexibility

The 90 strata lots at 1 Jelebu Road fetched a premium price in a willing buyer and seller transaction.

CapitaLand Integrated Commercial Trust Management Limited has announced the sale of Bukit Panjang Plaza for $428.0m.

In a bourse filing, the manager of CapitaLand Integrated Commercial Trust (CICT) said that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CICT has agreed with an unrelated third party for the sale of 90 strata lots in the said property at 1 Jelebu Road.

The sale includes the plant, mechanical and electrical equipment located therein.

Bukit Panjang Plaza is located in the residential area of Bukit Panjang, in the north-western region of Singapore. The mall is adjacent to the Bukit Panjang Integrated Transport Hub.

The sale, payable in cash and negotiated on a willing-buyer, willing-seller basis, is part of CICT’s broader portfolio reconstitution strategy, where asset divestments may be considered to enable capital redeployment into potential growth opportunities or other strategic purposes.

Net proceeds from the sale would be around $421.2m, which will provide CICT with greater financial flexibility to repay debt, finance any capital expenditure, asset enhancement works and investments and/or finance general corporate and working capital requirements.

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CapitaLand Integrated Commercial Trust

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