Singapore mall stake put up for sale
Las Vegas Sands, a subsidiary of Marina Bay Sands,has plans to sell a 49 percent stake in The Shoppes at Marina Bay Sands in Singapore. The sales price is estimated to be between $3 billion and $3.5 billion.
The deal would make The Shoppes at Marina Bay Sands the most expensive retail property in the world, according to Sheldon Adelson, founder, chairman and CEO of Las Vegas Sands Corp. Adelson said in local medial outlets, the mall sale proceeds could be used in the firm’s next investment in Japan or South Korea.
At its opening in 2010, Marina Bay Sands was billed as the world’s most expensive standalone casino property at S$8 billion ($5.7 billion), including the land cost. The Shoppes at Marina Bay Sands totals 800,000 square feet, housing hundreds of shops, high-end restaurants, cafes, bars and attractions, including an indoor canal. Notable fashion brands on sale at The Shoppes at Marina Bay Sands include Alexander McQueen, Armani, Dior, Hugo Boss, Bottega Ven