Bookmark & Share
Frasers Centrepoint Trust (FCT) announced that it has agreed to buy all 10 strata-titled retail units at Yishun 10 Cinema Complex for S$37.75 million from Bonvests Holdings Limited.
In an SGX filing on 4 November, FCT said the purchase consideration was arrived at on a willing-buyer and willing-seller basis after taking into account the location, occupancy and rental income the retail podium generates.
“Yishun 10 is strategically located next to FCT’s Northpoint Shopping Centre. This acquisition aligns well with our longterm value creation strategy for Northpoint,” said Dr Chew Tuan Chiong, the trust manager’s chief operating officer.
The ground floor retail podium is part of the four-storey Yishun 10 Complex, which comprises a 10-hall cineplex on the upper floors operated by Golden Village. Located at the junction of Yishun Central and Yishun Central 1, the development comes with three levels of basement carpark. The retail units have a total net lettable area of 10,413 sq ft and an occupancy rate of 99.5 percent as at 30 September 2016. The units also have a 99-year tenure commencing on 1 April 1990.
An independent aggregate valuation of the 10 retail units by Jones Lang LaSalle Property Consultants was S$40 million as at 30 September 2016.
In a report by CommercialGuru earlier in March, it said that the retail podium was launched for sale by expression of interest in a sale marketed by DTZ Debenham Tei Leung (SEA) at an indicative price of S$48 million.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles:
Food factory at Chin Bee Crescent up for sale
Retail units at Thomson Plaza up for sale
Ascendas-Singbridge completes first fibre ready installation at Ascent