Another mega rich church New Creation buying Star Vista

[StreetFight3r]

Singapore-listed developer CapitaLand said on Wednesday (Nov 20) that it has agreed to sell The Star Vista for S$296 million to Rock Productions, the business arm of New Creation Church.

The sale, which is scheduled to be completed by the end of this year, is expected to generate about S$145 million in net proceeds and about S$32 million in net gain for CapitaLand.

The selling price is about 13 per cent above the S$262 million that The Star Vista was valued at the end of June.
 

Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-storey integrated development that also includes a 5,000-seat auditorium.

It was opened in September 2012 and comprises three levels of retail space with a net lettable area of about 162,500 square feet.

The mall had a 95 per cent occupancy as of end-June. Its major tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.

When the transaction is completed, CapitaLand will own 19 malls, including one under
development in Singapore.

Rock Productions owns The Star Performing Arts Centre that is co-located with The Star Vista.

It also manages Rock Gifts & Book Centre, a retail centre that supplies a wide range of inspirational books, music, sermon CDs, DVDs and gifts, as well as Omega Tours & Travel and Shine Auditorium in Shaw Tower.

[Victor68]

this is a very sad state in singapore. Do we wish to see religious organisations buying such properties? Imagine you are surrounded by a particular religion organisation that bought up these properties. Good?

[maxsee333]

Dun see anything wrong with it...willing buyer, willing seller...For those who r not happy with it. U can always not go there. There are other malls here for u to patronize.

 

[Throttle2]

Perfectly fine as long as its a fair game.

In other words, if it operates like a business, treat it like a business.  
 

 

[UncleAtas]

As quoted by Kenneth Copeland, "Every time you write a check to me, satan gets a blacked eye."

[yishunite]

Really need to qn the tax exempt status of these megachurches coz they keep venturing out into business "ministry" but is really tax dodging

[Victor68]

The government will be responsible for any change of use for the premises. But the funds used to make purchases should be look at, no difference from non religious group. Surely you don't want to have infiltration of non desired intentions to grow here.

[Nav14]

If such mega churches, spend more or at least a similar amount on helping the downtrodden / needy, which should rightfully be one of their main goals, then there should be no raising of eye brows if they spend $300m to also buy properties.

But i doubt if they have spent $300m on the downtrodden.

Edited November 21, 2019 by Nav14

[Sturtles]

They just have to pay taxes like everyone else, but given the seed funds are from tithes, it has probably grown beyond the original intentions.

What should be done when so much cashflow is generated?

Excess profits could be used to fund good causes, but what are the strings attached?

The knight templars are good examples, when they grow so rich and influential, they seek to maintain status quo through various means, political or otherwise 

 

Edited November 21, 2019 by Sturtles

[Windwaver]

Is working in this sector recession proof?