Frasers Property gaining full ownership of The Centrepoint rear block not a sure thing

[SINGAPORE] The much-awaited collective sale of the rear block of The Centrepoint in Singapore’s Orchard Road shopping belt was launched recently at a guide price of S$418 million.

Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, has been seen as the most natural buyer and top contender for the asset. It comprises 66 apartments and 66 retail strata units on an L-shaped plot, with about 52 years left on its 99-year lease.

The Business Times understands that the mainboard-listed property group owns all the retail strata units and eight apartments, adding up to about 52 per cent of the strata area and about 85 per cent of the share value in the rear block.