Frasers Centrepoint sells two Singapore properties for $600m
Two separate properties located in Singapore sold for a total sales price of $598.1 million by Frasers Centrepoint.
Prudential plc purchased an 18.99 percent stake in the 269,546-square-foot Compass Point Shopping Center. The total value of the mall is $300.1 million, and the sales price was $57 million.
The five-story mall was built as an integrated development together with a condominium project, Compass Heights, which is located above the mall. Compass Point is Singapore’s first thematic suburban shopping mall. It officially opened in 2002and closed in October 2015 for renovations. The mall is expected to reopen in a year with a strong mix of retailers, more educational facilities and an increased selection of food and beverages options.
Separately, Ascendas REIT acquires One@Changi Business Park for $298 million from Ascendas Development Pte Ltd. and Frasers Centrepoint. One@Changi City is a nine-story multi-tenant business park property, wi