Joseph Prince, the charismatic televangelist whose New Creation Church in Singapore is without doubt one of the largest megachurches on this planet, is buying the Star Vista, a shopping center price practically $300 million, in accordance with reviews. The acquisition will probably be made by way of New Creation Church’s enterprise arm, Rock Productions.
The divestment of The Star Vista is consistent with CapitaLands lively and disciplined asset recycling technique,” stated Jason Leow, president of Singapore & Worldwide, CapitaLand Group in a press launch.
The mall is linked to the Performing Arts Middle the place New Creation holds its companies. Singapore’s The Straits Instances reviews that “the church did not want the unpredictability of the space going to another buyer.”
A church official informed the paper, “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.”
Based on The Straits Times, New Creation Church has sufficient cash readily available to make the acquisition outright, with none fundraising. This tracks with the New Creation congregation’s repute for giving plenty of cash. As Christian Put up notes, It’s 5,000-person, $366 million Star Performing Arts Middle was totally paid for in 2016, and in 2010, the church raised $15 million in a single day.