Reuters: Financial Services and Real Estate: CapitaMall Trust to gain S$83.8 mln from property sale

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CapitaMall Trust to gain S$83.8 mln from property sale May 3rd 2012, 09:36 SINGAPORE | Thu May 3, 2012 5:36am EDT SINGAPORE May 3 (Reuters) - CapitaMall Trust (CMT) , Singapore's biggest real estate investment trust by assets, said on Thursday it will make a one-time gain of S$83.8 million ($67.54 million) from the sale of one of its properties in the city-state. The property, called Hougang Plaza, will be sold to Oxley Bloom Pte Ltd for S$119.1 million or more than three times the mall's S$34 million valuation, said CMT, whose manager is a unit of Southeast Asia's biggest developer CapitaLand Ltd. "CMT will realise a net gain of approximately S$83.8 million from the sale of Hougang Plaza after taking into account the divestment fee and other divestment related expenses," it added. CMT is listed in both Singapore and Hong Kong. ($1 = 1.2407 Singapore dollars) (Reporting by Kevin Lim)

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