FCL unit to manage Alexandra Technopark, 55 Market Street, China Square Central

THE manager of Frasers Commercial Trust (FCOT) has signed a deal to keep Alexandra Technopark, 55 Market Street and China Square Central managed by Frasers Centrepoint Limited, via a subsidiary, after an existing agreement expires.

The trust manager, Frasers Centrepoint Asset Management (Commercial), and FCOT's trustee, British and Malayan Trustees Limited, have inked a property management agreement with Frasers Centrepoint Property Management Services, FCOT said in a Singapore Exchange filing on Monday.

The agreement appoints Frasers Centrepoint Property Management Services to operate, maintain, manage and market Alexandra Technopark, 55 Market Street and China Square Central for five years.

As the property manager, Frasers Centrepoint Property Management Services will get from FCOT a fee of 3 per cent of the gross revenue of each of the properties per year for each fiscal year, FCOT added.

The new agreement will take effect after the expiry of an existing property management agreement with Frasers Centrepoint Property Management (Commercial), which had a 10-year term expiring on Feb 22, 2016.