JLL announced that it advised on the divestment of JCube, a mall owned by CapitaLand Integrated Commercial Trust (CICT) in Singapore. CICT, a Singapore Exchange (SGX) listed real estate investment trust (REIT), today announced the closure of the S$340 million disposal of the asset to Tanglin R.E. Holdings Pte. Ltd., an indirect wholly owned subsidiary of CapitaLand Group Pte. Ltd. , as it accelerates its strategy to focus on core assets both in Singapore and abroad.

JLL acted as advisor to CICT on the divestment of JCube, an asset located in the Jurong Lake District and within proximity to the future Jurong Integrated Transport Hub. The five-storey 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,” says Heather Liew, Senior Director, Capital Markets, Singapore, JLL.

JCube occupies a 99-year leasehold site granted since March 1991. The asset comprises of a net lettable area of 210,038 square feet (19,513 square metres), which includes a rooftop garden, an IMAX theatre and an ice-skating rink. According to CICT, JCube had a committed occupancy of 95.5 percent as of 31 December 2021.

 “The Singapore commercial investment market continues to draw strong interest from global institutional investors to major domestic developers. We are seeing more competition and demand in the suburban retail market over the last 18 months and this will continue in 2022 and beyond,” says Ting Lim, Head of Capital Markets, Singapore, JLL.

 JLL is delighted to have managed this divestment on behalf of CICT as part of their wider strategy to divest non-core assets and reinvesting into new or existing markets.