Frasers Property, together with its subsidiaries, announced that TCC Prosperity (TCC), through its wholly owned subsidiary Bright Bloom Capital, has subscribed for 50 percent of the total issued units of North Gem Trust, the owner of the mall Northpoint City.
The transaction values Northpoint City at S$1.1 billion ($790 million). Located at 930 Yishun Avenue 2, Northpoint City’s South Wing, the asset comprises a two-story retail podium with two basements, incorporating amenities such as carparking facilities, as well as the Nee Soon Community Club and the Yishun Bus Interchange. It was completed in December 2017 and has a lettable area of 26,994 square meters (tk square feet).
Low Chee Wah, CEO of Frasers Property Retail, commented, “Northpoint City (South Wing) is a strategic component of Frasers Property’s S$8.6 billion [$6.2 billion] retail assets under management in Singapore. This transaction is timely as it maintains Frasers Property’s discipline in op
