Frasers Property, through its subsidiary Frasers Property Cuppage Pte. Ltd., has successfully acquired the leasehold rear plot of The Centrepoint on Orchard Road, Singapore, for S$391.9m. This strategic purchase consolidates Frasers Property’s ownership of the seven-storey landmark, enhancing its position in the iconic shopping district.
The leasehold rear plot, part of The Centrepoint at 176A Orchard Road, includes 66 retail units and 66 residential flats. This acquisition aligns with national efforts to rejuvenate the Orchard Road precinct. Frasers Property already held a majority stake in the rear plot, owning over 52% of the units by strata area, and is the majority shareholder in the freehold front plot with about 96% ownership.
Soon Su Lin, CEO of Frasers Property Singapore, expressed satisfaction with the acquisition, stating, “We are pleased to strengthen our ownership of The Centrepoint. This gives us greater flexibility to unlock the site’s long-term potential, including assessing broader rejuvenation plans for the area.”
The Centrepoint, completed in 1983, maintains a high occupancy rate of approximately 98% and continues to be a significant contributor to Frasers Property’s retail portfolio in Singapore. The acquisition is subject to obtaining a sale order or consent from all subsidiary proprietors.
Frasers Property’s longstanding presence on Orchard Road, with The Centrepoint as its first asset, is further solidified by this acquisition, reflecting the Group’s confidence in the long-term value of strategically located sites.
