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Located at 21 Choa Chu Kang North 6, YewTee Point is a two-storey retail mall with a net lettable area of about 6,844 sq m (73,669 sq ft) and an occupancy rate of 97.1%. Photo: Frasers Centrepoint Trust
Frasers Centrepoint Trust (FCT) has entered into a sale and purchase agreement with an unrelated third party for the divestment of YewTee Point for $220 million.
Located at 21 Choa Chu Kang North 6, YewTee Point is a two-storey retail mall with a net lettable area of about 6,844 sq m (73,669 sq ft) and an occupancy rate of 97.1%. Its key tenants include Koufu food court, NTUC FairPrice, KFC, Watson’s and Saizeriya.
In an SGX filing, its manager noted that the divestment, which is expected to be completed on 28 May, is in line with its “proactive portfolio management strategy to optimise FCT’s portfolio composition and the returns objectives for FCT and its unitholders”.
It intends to use the $219.9 million in net sale proceeds to repay debt and lower FCT’s gearing level.
FCT’s manager revealed that YewTee Point was valued at $200 million by Savills Valuation and Professional Services as at 31 January.
“Upon completion of the divestment, FCT’s retail portfolio will comprise nine retail properties, all located in the suburban regions of Singapore,” it said.
They are Causeway Point, Changi City Point, Northpoint City North Wing, Tiong Bahru Plaza, Waterway Point (FCT holds 40%-interest), White Sands, Century Square, Hougang Mall, and Tampines 1.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg