Hines, a Houston, US-based global real estate firm, has acquired Bukit Panjang Plaza for $428 million. The deal was brokered by JLL.

The seller, CapitaLand Integrated Commercial Trust (CICT), announced on Jan 14 that it has entered into an agreement with an unrelated third party to divest 90 strata lots at the four-storey suburban mall, located in the north-west region of Singapore.

“The sale of Bukit Panjang Plaza is part of our portfolio reconstitution strategy to optimise our portfolio, strengthen CICT’s financial flexibility for growth and create value for our stakeholders,” says Tan Choon Siang, CEO and executive director of CICT’s manager.

Read also: CapitaLand-UOL consortium secures Hougang Central GLS site for landmark mixed-use development

Bukit Panjang Plaza is situated next to the Bukit Panjang Integrated Transport Hub, which comprises an air-conditioned bus interchange integrated with the Bukit Panjang MRT and Light Rail Transit (LRT) stations. Given its location, the mall serves residents in the surrounding housing estates, including Teck Whye, Choa Chu Kang and Upper Bukit Timah.

The property was valued at $389 million as at Dec 31, 2025, based on an independent valuation by Cushman & Wakefield. As such, the purchase price reflects a premium of about 10% over valuation. The mall sits on a 99-year lease commencing December 1994, with a remaining lease tenure of 68 years.

CICT acquired Bukit Panjang Plaza in 2007 for $161.3 million. The mall has a total gross floor area of about 247,500 sq ft and a net lettable area (NLA) of 164,500 sq ft, and is currently fully leased, according to CICT’s FY2024 annual report. Anchor tenants include Don Don Donki, which opened its outlet at the mall in December 2024, FairPrice Finest supermarket, and the National Library.

Based on the net lettable area, the acquisition price of $428 million translates to about $2,602 psf.

The latest acquisition marks Hines’ third investment in Singapore. The firm made its maiden market entry in early 2022 with the acquisition of Bukit Batok Connection for $93.8 million, in a joint venture with German asset manager DWS. This was followed by the purchase of an industrial property at 15 Senoko Loop in July 2024, alongside Mitsubishi Estate and MBK Estate, a unit of Mitsui & Co. The Senoko asset was acquired from British American Tobacco in a sale-and-leaseback transaction.

The acquisition of Bukit Panjang Plaza underscores the firm’s continued expansion into income-producing assets in the city-state.

Read also: CICT to acquire 55% of CapitaSpring at 1.1% accretion to DPU

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