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CapitaLand Development buys JCube Mall

(Source: JCube Mall)

Singaporean real estate developer, CapitaLand Development has bought JCube shopping centre from CapitaLand Integrated Commercial Trust (CICT) for US$253 million. 

The acquisition is expected to be completed in the current quarter. 

Upon completion of the deal, CapitaLand Retail Management will continue to operate JCube, while CapitaLand Development will reposition or redevelop the mall in line with the gradual transformation of Jurong Lake District. Until then, CapitaLand Development will receive recurring rental income from the mall.

JCube is located in Jurong Gateway, the commercial core of Jurong Lake District, which is positioned as Singapore’s largest business district outside of the CBD. As of the end of last year, the shopping mall recorded 95.5 per cent occupancy rate. 

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