CapitaMall Trust sells (CMT) has on 2 May 2012 awarded a tender to Oxley Bloom Pte Ltd for the sale of Hougang Plaza located at Upper Serangoon Road at a price of around S$119.1m.
Hougang Plaza is a three-storey neighbourhood shopping mall located in Hougang Central that caters to the basic shopping and entertainment needs of residents in the vicinity.
The property has a leasehold tenure of 99 years with effect from 1 March 1991, and has a net lettable area of 75,353 square feet and a land area of approximately 57,047 square feet.
CMT said the sale will raise about S$117.8 million in net proceeds which can be used for the refinancing of debts as well as acquisition opportunities should they arise.
The sale of Hougang Plaza is expected to be completed around June 13 this year.