Frasers Centrepoint Trust in talks to sell White Sands mall for over S$470 million

[SINGAPORE] Frasers Centrepoint Trust (FCT) is in the process of selling its White Sands shopping mall in Pasir Ris, with local private equity firm TE Capital said to be in exclusive due diligence for the deal.

The Business Times understands that the suburban retail property could fetch over S$470 million, implying an exit yield of around 4.5 per cent.

Located next to Pasir Ris MRT station, White Sands is on a site with 99-year leasehold tenure from May 1993; this leaves a balance of about 66 years. FCT acquired the property in 2020 for S$428 million. As at Sep 30, 2025, the mall was valued at S$431 million.

Cushman & Wakefield and Savills were appointed marketing agents for the property.

TE Capital is a local private equity firm run by siblings Terence and Emilia Teo, who are third-generation members of the Teo family behind Tong Eng Group, one of Singapore’s oldest property developers.

As at the fourth quarter of 2023, TE Capital reported more than S$3 billion in assets under management, with a presence across Singapore, Australia, Japan and the US. Its Singapore properties include residential developments Wilshire Residences and View at Kismis, and mixed-use projects Arc 380 and Centrium Square.

TE Capital also owns Orchard Road office building Visioncrest Orchard, which it bought in 2024 together with LaSalle Investment Management for about S$450 million from Union Investment.

In 2022, it acquired PIL Building for S$323.8 million, and redeveloped the property into a 20-storey strata-titled office project called Solitaire on Cecil.

Acquiring White Sands will mark TE Capital’s first foray into the bustling suburban retail sector. FCT’s latest annual report indicated that the Pasir Ris mall has committed occupancy of 100 per cent as at end-December 2025.

Revenue for FY2025 was S$31.6 million, on a par with S$31.7 million in the preceding year. Property expenses fell 9.3 per cent to S$9.9 million, from S$10.9 million. As a result, net property income rose 4.8 per cent to S$21.7 million in FY2025, compared with S$20.7 million the year before.

NTUC FairPrice, Cookhouse by Koufu, McDonald’s and Popular Bookstore are among the tenants at the mall, which has a gross floor area of 240,371 square feet (sq ft) and net lettable area of 150,352 sq ft.

The Pasir Ris shopping centre is supported by residents from the surrounding public housing flats and private condominiums. The catchment is expected to expand with the completion of new projects, including Pasir Ris 8, that will add more than 3,000 new homes to the vicinity, according to FCT’s website.

Opened in 1996, White Sands features six levels of retail space along with two basement floors for car parking spaces. The mall was injected into FCT’s portfolio after the real estate investment trust acquired the remaining 63.1 per cent stake in AsiaRetail Fund (ARF) in October 2020 for S$1.06 billion. The fund also owned Tiong Bahru Plaza, Hougang Mall, Century Square, Tampines 1 and Central Plaza – all of which are now part of FCT’s portfolio.

In a bourse filing on Monday (Apr 20), FCT’s manager said it continually reviews acquisition and/or divestment opportunities to enhance unitholder value, and may from time to time enter into discussions on potential deals.

“In this regard, while the manager is currently in discussions for a possible divestment of White Sands, there is no certainty or assurance whatsoever that any transaction will arise from these discussions,” it added.

Interest in Singapore retail assets has picked up significantly over the past year, as low borrowing costs makes deals viable, market watchers said.

FCT’s sponsor Frasers Property bought out the rear block of The Centrepoint via a collective sale in January for S$391.9 million. The development comprises two components: a freehold front block which Frasers almost fully owns, and a leasehold rear plot.

Frasers has hinted that it hopes to consolidate adjoining sites for a major redevelopment. It already owns 51 Cuppage Road, a neighbouring 10-storey office building that is directly connected to The Centrepoint via a link-bridge.

Also on Orchard Road, Paragon mall is being sold to CapitaLand Integrated Commercial Trust (CICT) for S$3.9 billion on a freehold basis, the trust manager announced on Monday.

Further down the prime shopping belt, a portfolio of 18 freehold strata-titled retail units at Orchard Shopping Centre changed hands for S$73 million.

In Holland Village, private investor Cheong Sim Lam, of the Cheong family who controls Hong Fok Corporation, acquired Holland Piazza from Eng Tiong Realty for S$100 million.

Bukit Panjang Plaza has also been sold by CICT to US asset manager Hines for S$428 million, in a deal announced in January.