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CapitaMall to sell Sembawang Shopping Centre?
Jul 11, 2012
by Cheryl Tay:There is possibility that CapitaMall Trust (CMT) would sell its Sembawang Shopping Centre, according to Nomura. Nomura noted that the sale of Hougang Plaza at 3.5 times its end-FY 2011 valuation in May emphasised the strong investor demand for commercial properties, "although we believe the premium paid for Hougang Plaza also took into account redevelopment potential." Hence, it supposes that there are other assets that the manager "may consider divesting as well, if an attractive offer comes along." One of these is Sembawang Shopping Centre, which has been a drag on occupancy in Q4 2011 and considering also that more than 50 percent of leases are due for renewal in FY 2012.