FCT to acquire Bedok Point for S$127m

Frasers Centrepoint Trust (FCT) plans to acquire Bedok Point from Frasers Centrepoint Limited, a wholly-owned property unit of Fraser and Neave (F&N), for S$127 million.

Located at 799 New Upper Changi Road, Bedok Point is a four-storey shopping mall comprising two basement levels and four levels above ground. It has a diverse tenant base comprising specialty retail units, entertainment outlets, a bookstore and assorted food outlets, as well as 76 parking lots.

It has a total gross floor area (GFA) of 133,596 sq ft and a net lettable area (NLA) of 80,985 sq ft. The mall, which will be FCT's fifth mall in its Singapore portfolio, commenced operations in December 2010 and was 97.4 percent occupied as of 30 June 2011.

"The purchase consideration was arrived at on a willing-buyer and willing-seller basis and is the average of the two independent valuations of Bedok Point by Knight Frank, which relied on the investment method and discounted cash flow method, and Jones Lang LaSalle (JLL), which relied on the capitalisation method and discounted cash flow method," said FCT.

It noted that the acquisition will boost the company's retail real estate investment trust's (Reit) asset size to S$1.66 billion from S$1.53 billion.

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