Frasers Centrepoint Trust to sell White Sands mall for S$467 million

[SINGAPORE] Frasers Centrepoint Trust (FCT) is divesting White Sands mall for S$467 million, which represents an 8.4 per cent premium over an independent valuation as at May 31, 2026, its manager announced in a Tuesday (Jun 30) night bourse filing.

HSBC Institutional Trust Services (Singapore), as FCT’s trustee, has entered into an agreement with “an unrelated third-party purchaser”, Growth Capital, in relation to the proposed divestment, it added.

Completion of divestment of the mall in Pasir Ris is expected to take place around Sep 30.

The manager said it intends to use the estimated net proceeds of about S$454.1 million to repay debt, after accounting for divestment-related expenses of about S$2.8 million.

This will reduce FCT’s aggregate leverage as at Mar 31 from 40 to 36.5 per cent, and strengthen its financial position, it said.

After accounting for the estimated total cost of the divestment, FCT is expected to register an estimated net gain of about S$32.4 million.

When the divestment is completed, FCT’s retail portfolio will comprise eight retail properties in the suburbs of Singapore: Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza and Waterway Point.

Richard Ng, CEO of the manager, said: “White Sands, the smallest mall in our portfolio, has performed well since acquisition. The divestment is part of our proactive portfolio management strategy to strengthen FCT’s portfolio resilience and to unlock value for unitholders.

“The transaction will enhance FCT’s financial position through the lowering of its aggregate leverage, and provide us with headroom to redeploy it into future growth opportunities.”

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The counter closed at S$2.26 on Tuesday, down S$0.03 or 1.3 per cent, before the announcement.