SINGAPORE - The sale of Bedok Point by Frasers Centrepoint Trust at $108 million raised questions from shareholders given that it was acquired at $129 million.
Despite proactive leasing and repositioning strategies to stabilise its performance, competition remained stiff due to larger and better located new retail offerings. Preliminary approval was obtained for its redevelopment into residential with limited commercial on first storey. The negotiated sale price of $108 million on the basis of Bedok Point as a redevelopment site was supported by two independent valuations. At the given valuation, the mall's net property income yield stood at 2.5 per cent.
Separately, FCT had on Sept 3 proposed to acquire the remaining 63.1 per cent of ARF it does not own for $1.06 billion. FCT intends to raise up to $1.39 billion in equity through a private placement and/or a preferential offering to fund the acquisition. Following the acquisition, the manager said that it will focus on optimising the performance of its enlarged portfolio.
Source: News Formal (newsformal.com)
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