Frasers Centrepoint Trust sells Singapore mall for $250m
The manager of Frasers Centrepoint Trust (FCT) announced the sale of Changi City Point in Singapore for S$338 million ($250 million).
The divestment of the shopping mall will strengthen FCT’s financial position through the lowering of its aggregate leverage, a reduction in average cost of borrowings for the nine-month period ended June 30, 2023, and an improvement in the hedge ratio of fixed-rate loans from 63 percent to 73 percent, each on a pro forma basis, said the firm.
The property is a retail mall located at 5 Changi Business Park Central 1. It is connected to the Expo Mass Rapid Transit station which also serves as an interchange station on the Downtown line and on the East-West branch line which extends to Changi Airport.