Frasers Property unit to buy rest of Yishun 10 mall from Frasers Centrepoint Trust for S$34.5 million

[SINGAPORE] Frasers Property is proposing to buy the remaining properties at Yishun 10 mall it does not yet own from Frasers Centrepoint Trust (FCT).

This comes after Frasers Property, FCT’s sponsor, acquired a cinema at the development from Golden Village Multiplex earlier this year.

On Monday (Aug 25), Frasers Property’s wholly owned subsidiary Lion (Singapore) entered a sale and purchase agreement with HSBC Institutional Trust Services, the trustee of FCT, to acquire 10 strata lots at 51 Yishun Central 1.

The lots are located in a strata-titled development beside Northpoint City. They have a 99-year leasehold term which commenced on Apr 1, 1990, and a combined area of 966 square metres. In March this year, FCT moved to take full ownership of Northpoint City.

The consideration for the proposed transaction is S$34.5 million, which is an average of two independent valuations of the properties, at S$34 million and S$35 million, as at May 31, 2025.

Independent property valuers Savills Valuation and Professional Services and Jones Lang LaSalle Property Consultants were commissioned to value the properties.

Lion (Singapore) already owns the only other property at Yishun 10, which is the cinema on the second floor of the mall that it acquired from Golden Village Multiplex on Aug 8, 2025, for S$48 million.

Hence, it will assume full ownership of Yishun 10 once the proposed transaction is completion.

Frasers Property said that the proposed transaction is in line with its strategy to optimise capital productivity through active portfolio management initiatives.

It will potentially allow the group to generate additional value from the longer-term redevelopment potential of the asset, Frasers Property said.

The manager of FCT said that the divestment will benefit the trust’s unitholders as it is in line with its portfolio management strategy.

FCT’s manager intends to use the net proceeds of around S$33.8 million to repay debt, which will reduce FCT’s aggregate leverage and strengthen its financial position.

FCT in March entered an agreement to purchase the South Wing of Northpoint City, the mall beside Yishun 10.

Shares of Frasers Property ended Monday 5.3 per cent or S$0.05 higher at S$1.00 before the announcement; shares of FCT ended Monday 1.8 per cent or S$0.04 higher at S$2.29.