The Star Vista is a popular mall in Singapore and already houses The Star Performing Arts Centre, home to Prince’s 30,000-strong New Creation Church.
Deacon Yong Chee Ram told The Straits Times that the church had decided to buy the mall so that there would not be any risk to using the space if the property changed hands to a new owner.
“Given that The Star Vista and The Star PAC are inextricably linked, our immediate objective … is both to protect the interest of the church and to preserve the good experience for all who come to The Star PAC,” Ram said.
The sale was made by one of Asia’s biggest real estate groups, CapitaLand Limited.
Jason Leow, president of CapitaLand Group Singapore & International said: “The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy. Year to date, CapitaLand has divested close to S$5.7 billion worth of assets, exceeding our annual target divestment of S$3 billion. The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities.”
In 2016, the church said it had paid $366m for the Star PAC, which seats 5,000 people.
It told the Strait Times that it already had the funds to purchase the mall, so did not need to launch a fundraising drive to cover the cost of the acquisition.