CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners — CapitaLand Development and Mitsubishi Estate Asia with respective stakes of 45%, 45%, and 10% — have divested the serviced residence component of CapitaSpring for $280 million. The asset divested is the 299-unit Citadines Raffles Place Singapore, which began operations in February 2022.
According to a May 2 announcement by CICT, the sale was completed at an agreed property value of $280 million, compared to a valuation of $278.8 million (on a 100% basis) as of end-2024.
“We have divested the serviced residence, a non-core asset, at a premium to its last valuation,” says Tan Choon Siang, CEO of the manager of CICT. “This reflects our disciplined approach to portfolio reconstitution, enabling us to redeploy capital into more DPU-accretive opportunities and strengthen CICT’s leadership as the proxy for Singapore commercial real estate.”
Based on CICT’s 45% stake, its estimated proceeds from the sale are about $37.8 million, with an exit yield of approximately 3.6%. The divestment is expected to be completed by 2Q2025.
The 299-unit Citadines Raffles Place occupies the top 22 floors of the 51-storey tower, while the first 29 storeys are taken up by premium Grade-A office space (Photo: Samuel Isaac Chua/EdgeProp Singapore)
While CICT declined to disclose the buyers, it was previously reported in October 2024 that the joint purchasers were US investment giant BlackRock and the hospitality arm of Malaysian developer YTL Corp.
Located at 88 Market Street in the Downtown Core, CapitaSpring is a 280m-tall, 51-storey integrated development. It comprises premium Grade-A offices across 29 storeys, ancillary retail on the ground, 17th, and 51st floors, and serviced apartments on the top 22 floors. Ascott Ltd, the lodging business of CapitaLand Investment, manages the serviced residence.
CapitaSpring sits on a 99-year leasehold site from Feb 1, 1982, and is a redevelopment of the former Golden Shoe Car Park. Glory SR Trust owns the serviced residence component, while the office portion is held under Glory Office Trust.
Units in CICT closed flat at $2.15 on May 2.
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