Frasers Centrepoint Trust buys stake in mall for $315m

Singapore-based Frasers Centrepoint Trust has reached a deal to buy a one-third stake in a Singapore shopping mall from a subsidiary of Frasers Property Ltd. for SG$433.3 million ($315.4 million).

The acquisition of the stake in Waterway Point will be done via a sale-and-purchase agreement with Frasers Property's wholly owned unit FCL Emerald Pte Ltd, which currently holds one-third of the total issued units of Sapphire Star Trust (SST), an equal three-way joint venture between Frasers Property, Far East Civil Engineering and Sekisui House to develop the property.

The four-story mall totals 371,000 square feet.

Singapore retail sales are on a rise, reported Cushman & Wakefield in its first quarter report. Retail sales were 0.5 percent higher year-over-year for the whole of 2018. Cushman & Wakefield pointed to firm economic growth an