CapitaLand Integrated Commercial Trust (CICT) has completed a deal to sell Bukit Panjang Plaza in Singapore for US$332 million (S$428 million).

The 11,500 sqm mall has 122 stores. CICT had been trying to sell the site since early 2024.

In its announcement, CICT did not disclose the buyer, but Asian real estate news outlet Mingtiandi reported that it was the US-based developer Hines.

“The sale of Bukit Panjang Plaza is part of our portfolio reconstitution strategy to optimise our portfolio, strengthen CICT’s financial flexibility for growth and create value for our stakeholders,” Tan Choon Siang, executive director and CEO of CICT, said.

CICT has properties in 45 different countries. In 2024 it reported a profit of S$890 million, up from S$192 million in 2023.