Singaporean real estate developer CapitaLand Development has acquired leisure and edutainment mall JCube from CapitaLand Integrated Commercial Trust (CICT) for S$340 million (US$ 253 million). The transaction is expected to be completed in the first quarter of 2022.
The five-storey mall is located in Jurong Gateway, the commercial core of Jurong Lake District, Singapore’s largest business district outside of the central business district, and a key anchor for the country’s economic gateway in the west.
JCube enjoys good connectivity to the Jurong East MRT interchange station, which serves the existing North-South and East-West lines and the upcoming Jurong Region Line. The mall is also next to the future Jurong integrated transport hub, which will comprise community and civic institutions and a bus interchange.
Upon completion of the acquisition, CapitaLand Retail Management Pte Ltd (a wholly owned subsidiary of CapitaLand Investment Limited) will continue to operate JCube, while CapitaLand Development explores options to 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.