Frasers Centrepoint Trust Sold Anchorpoint Mall for S$110m

Frasers Centrepoint Trust Sold Anchorpoint Mall for S$110m

Anchorpoint shopping centre is soon to be divested by the Frasers Centrepoint Trust (FCT) for S$110m to unconnected third parties. This was revealed by the manager of FCT recently.

Recently, FCT had entered into 2 sale & purchase agreements for selling two strata lots along with their accessory lots to the two separate buyers. Collectively, the two lots comprise the mall. The details of the purchasers were not disclosed.

With a lettable net area of about 6,616 sq mtrs, Anchorpoint has two retail levels – one in the basement – and a two-storey building next door.

There are as many as 51 tenants occupying the Anchorpoint shopping centre including household retailers such as Mr. D.I.Y, food courts such as Xin Wang KH Café, Koufu, and restaurants such as Sakuraya, Jack’s Place and Uncle Leong Signatures and fashion retailers Cotton On.

The sale deed was finalised after taking into account an independently appraised value of Anchorpoint mall for S$110m in September, 2020.

By the full-end year accounted in September, 2020 the shopping centre brought in a net property income of S$3m which was nearly 21.3% fall from the S$3.8m that had registered a year ago.

The gross revenue came down by 19.7% from the S$8.6m to S$6.9m.

According to the management, they expect net proceeds to reach up to S$108.8m once all the divestment-related expenses are accounted for.

They said that this will be used to reimburse debt and also be used as a working capital.

The transaction is expected to be completed by March, 2021.

Once this divestment is complete, FCT will have 10 malls in the retail sector in Singapore amounting to about 2.3m sq ft of lettable area.

They have around 1500 leases and according to their manager, their primary focus remains essential services and trade.

FCT boasts of other commercial properties in its portfolio such as Northpoint City North Wing which includes the Yishun 10 Retail Podium, Causeway Point, YewTee Point, Waterway Point (with 40% interest), Changi City Point, White Sands, Tiong Bahru Plaza, Hougang Mall, Tampines 1, Century Square. Central Plaza, the office property also belongs to FCT.

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