Frasers Property has bought a S$391.9m (€263m) retail property on Orchard Road, situated next to its current shopping centre in downtown Singapore.
Soon Su Lin, chief executive officer, Frasers Property Singapore, said: “We are pleased to strengthen our ownership of The Centrepoint. This gives us greater flexibility to unlock the site’s long-term potential, including assessing broader rejuvenation plans for the area.
“In the meantime, it remains business as usual at The Centrepoint, where we continue to enhance the mall’s retail offerings and organise year-long marketing activities to attract shoppers to the mall.”
The Centrepoint is the company’s first asset, which was completed in 1983.
The Centrepoint comprises two components: a freehold front plot and a leasehold rear block which formed part of the shopping mall and comprised 66 retail units and 66 residential apartments.
Prior to the collective sale for the rear block, Frasers Property already held a majority stake in it, owning over 52% of the units by strata area. Frasers Property is also the majority shareholder in the freehold front block, owning about 96% of the units by strata area.
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