Frasers eyes residential project on Yishun 10 cinema complex site; redevelopment proposal submitted

[SINGAPORE] The site of Yishun 10, a strata-titled retail development recently acquired by Frasers Property , could soon make way for a new residential development under a proposal submitted to the Urban Redevelopment Authority (URA). 

Based on proposed amendments to the Master Plan 2025 gazetted by the agency on Friday (May 8), the 3,635 square metre site is being rezoned for residential use with commercial space on the first floor and a plot ratio of three. The site used to be put to purely commercial use.

URA said the amendment is intended to facilitate a development proposal it had received.

In response to queries, a Frasers Property spokesperson told The Business Times that the group regularly explores potential uses for existing properties in the ordinary course of business:

“(This includes) assessing the highest and best use of our sites. Having full ownership of Yishun 10 positions us well to unlock redevelopment value.”

For now, it is business as usual at the Yishun 10 mall, the spokesperson said, adding that Frasers Property will provide further updates if there are material developments.

Yishun 10, also called Golden Village Yishun, consists of a three-storey building, featuring a retail podium with 10 strata-titled units on its first floor, and a 10-screen cinema complex on its upper floors.

In June 2025, Frasers Property acquired the cinema complex from Golden Village Multiplex for S$48 million.

Two months later, the group acquired the 10 strata lots in the building from Frasers Centrepoint Trust – which it sponsors – for S$34.5 million. 

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In a bourse filing then, Frasers Property said the transaction aligned with its strategy to “optimise capital productivity through active portfolio management initiatives”. 

“The proposed transaction will potentially enable the group to generate additional value from the longer-term redevelopment potential of the asset,” it added. “Until then, the group will continue to benefit from recurring income produced by the ongoing operations of the properties.”

At an earnings briefing on Friday (May 8), Frasers Property chief executive Panote Sirivadhanabhakdi said both Yishun 10 and Valley Point, another shopping centre owned by Frasers, have strong redevelopment potential.

This was in response to questions on redevelopment plans for the two properties. 

But the group is “not rushed”, and will monitor market conditions to unlock value at the right time, Panote said. 

“Some of the sites have (more) execution to do,” he added. This includes further consolidation and planning, given that there are multiple asset classes within the property. 

Huttons Asia senior director of data analytics Lee Sze Teck suggested that, given the site’s current size and requirements, the potential residential development could be small, yielding just about 20 units.

Other land-use changes

Other recently gazetted zoning amendments indicate that several sites in Singapore’s central area are being redeveloped into hotels. 

These include 54 and 60 South Bridge Road, 13 and 15 New Bridge Road, and 41 Hongkong Street. These sites, on which conservation shophouses now sit, are being rezoned for hotel use, from commercial.

URA said the proposed amendments to its Master Plan 2025 were done to facilitate development proposals the agency had received. 

The units along New Bridge Road in Clarke Quay were put on the market at S$6.2 million each in November 2020. One is a three-storey shophouse with a gross floor area of 3,119 sq ft; the other a four-storey shophouse with a gross floor area of 3,864 sq ft. 

Caveats data showed that the unit at 15 New Bridge Road changed hands in June 2023 at S$5.5 million or S$4,147 psf, based on a site area of 1,326.1 sq m.

Both South Bridge Road shophouses transacted in 2022 – one at S$8.6 million or S$5,641 psf, and the other at S$9 million or S$5,868 psf.

The six-storey Hongkong Street shophouse was offered for sale in September 2023 for S$35 million. The 154.3 sq m property comprises a boutique hotel on its upper floors, and a food and beverage establishment on the ground floor. 

The Business Times understands that the owner has since withdrawn the property from the market.