CapitaLand Development to acquire JCube in Singapore’s Jurong Lake District
Singapore, 24 January 2022 – CapitaLand Development (CLD), the development arm of CapitaLand Group, has entered into a sale and purchase agreement on 24 January 2022 to acquire JCube at a price of S$340 million. The transaction is expected to be completed in 1Q 2022.
JCube is located in Jurong Gateway, the commercial core of Jurong Lake District (JLD). JLD is envisioned by the Urban Redevelopment Authority (URA) to be Singapore’s largest business district outside of the central business district (CBD), 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 CLD explores options to reposition or redevelop the mall in line with the gradual transformation of Jurong Lake District. Until then, CLD will receive recurring rental income from the mall.