CapitaLand Integrated Commercial Trust (CICT) has sold JCube, a mall in Singapore, for S$340 million ($250 million) to Tanglin R.E. Holdings, an indirect wholly owned subsidiary of CapitaLand Group, as it accelerates its strategy to focus on core assets both in Singapore and abroad.
JCube is located in the Jurong Lake District and near the future Jurong Integrated Transport Hub. The five-story mall was developed by CICT, formerly known as CapitaLand Mall Trust.
“Singapore retail is a tightly held sector, and JCube provides an investor immediate income and longer-term opportunities to ride on the expansion growth plans of the wider Jurong Lake District,” said Heather Liew, senior director, capital markets, Singapore, at JLL, which advised on the divestment of JCube.
JCube occupies a 99-year leasehold site granted since March 1991. The asset comprises of a net leasable area of 210,038 square feet, which includes a rooftop garden, an IMAX theater and an ice-s
