Frasers Centrepoint Trust (FCT) will convert 62,000 sq ft of gross floor area (GFA) from the existing carpark of NEX into retail and office space, adding some 44,000 sq ft of net lettable area (NLA) to the Serangoon shopping mall.

 

Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust, is targeting a 7% return on investment, based on an estimated $90 million capital expenditure.

 

The asset enhancement initiative (AEI) will begin in 2Q2026, according to FCT&rsquo s business update for 1QFY2026 ended Dec 31, 2025, released Jan 23. The upgrading works will &ldquo solidify NEX as a key retail hub in the Northeast&rdquo , according to FCT.

 

According to FCT&rsquo s Jan 23 business update, the new office space will be carved out of &ldquo L4R&rdquo . According to NEX&rsquo s online directory, tenants on &ldquo level 4R&rdquo include Serangoon Public Library, The Ballet & Music Company and other learning centres.

 

City & Country understands from NEX&rsquo s asset manager that the AEI will be held in three phases with expected completion in 4Q2028.

 

The first phase will involve the multi-floor reconfiguration of the space occupied by Isetan department store. After 15 years at NEX, the former key tenant announced in December 2025 that it will close in April.

 

Subsequent phases will involve the creation of new GFA, which will house an &ldquo expanded mix of retail offerings&rdquo , according to a PGIM spokesperson.

 

Completed in 2010, NEX is currently owned and operated by Gold Ridge, whose stakes are held by three shareholders. Frasers Centrepoint Trust holds an effective interest of 50% in NEX. The other two shareholders are a subsidiary of Prudential Financial and an institutional investor.

 

Prudential is the parent company of PGIM, whose real estate business is the asset manager of NEX.

 

&ldquo As the manager of NEX, we have grown with the community and its shoppers since its opening in 2010,&rdquo says Su Lin Wee, executive director and head of asset management for Southeast Asia, Greater China and South Korea for PGIM&rsquo s real estate business.

 

The AEI will introduce &ldquo a range of new-to-mall concepts&rdquo , according to PGIM. This includes curating &ldquo precincts&rdquo across &ldquo key growth areas&rdquo like activewear and lifestyle fitness, home and tech essentials, beauty and personal care, everyday fashion, and learning and enrichment.

 

The asset manager is in &ldquo active discussions with several brands&rdquo and are &ldquo progressively securing operators&rdquo .

 

Su adds: &ldquo We are excited to embark on this AEI to rejuvenate the mall, with practical physical uplifts and new-to-mall concepts that not only enrich the shopping experience but also cater to the evolving needs of our shoppers and tenants.&rdquo

 

According to FCT&rsquo s Jan 23 business update, NEX is a five-storey retail complex with two basement levels. The second-largest suburban mall in Singapore has 942.131 sq ft of GFA and 634,631 sq ft of NLA, with 100% committed occupancy.

 

With the exit of Isetan, the mall&rsquo s key tenants will be Fairprice Xtra, Shaw Theatres, Food Junction, Food Republic, Cold Storage, & Joy Japanese Food Street, Uniqlo and H& M.

 

FCT first acquired a 25.5% stake in NEX in February 2023. Singapore&rsquo s largest suburban retail mall owner acquired an additional 24.5% stake in March 2024. As at Sept 30, 2025, the property is valued at $2,141.0 million on a 100%-owned basis.

 

FCT said in January 2024 that a potential NEX AEI would redeploy around 60,000 sq ft of non-commercial carpark GFA for retail and office use. The manager also said it can create new retail spaces using voids on multiple floors and reconfigure existing areas.

 

FCT has reported a committed occupancy rate of 98.1%, unchanged q-o-q for 1QFY2026. After the first quarter of this year, the REIT&rsquo s occupancy rate will increase to 99.9% with the cinema spaces at Causeway Point and Century Square successfully backfilled.

This is up from 98.1% in the previous quarter ended Sep 30, 2025

 

[SINGAPORE] Mall operator Frasers Centrepoint Trust&rsquo s (FCT) committed occupancy rate rose to 99.9 per cent after the first quarter ended Dec 31, 2025, from 98.1 per cent in the preceding quarter, following the successful backfilling of cinema spaces at two of its malls.

 

The spaces at Causeway Point and Century Square were taken up after their previous tenant, Cathay Cineplexes, entered liquidation.

 

At Causeway Point, the former Cathay cinema has been replaced by SAS Cineplex, while Golden Village has taken over at Century Square, the trust&rsquo s manager said in a first-quarter business update on Friday (Jan 23).

 

Cathay closed its final four outlets in September 2025 &ndash those at Causeway Point, Century Square, Downtown East and Clementi.

 

As at Dec 31, 2025, six of FCT&rsquo s 11 malls &ndash Nex, Causeway Point, Waterway Point, Tampines 1, Century Square and White Sands &ndash had 100 per cent committed occupancy. Hougang Mall, which is undergoing asset enhancement initiative works, was excluded from the committed occupancy count.

 

During the quarter, shopper traffic across FCT&rsquo s portfolio rose 1.3 per cent, while tenant sales increased 2.7 per cent.

 

As at Dec 31, 2025, FCT&rsquo s aggregate leverage stood at 40.3 per cent, up from 39.6 per cent as at Sep 30.

 

Its year-to-date average cost of debt fell to 3.5 per cent from 3.8 per cent, while the quarterly average cost of debt was unchanged at 3.5 per cent.

This involves term loan and revolving credit facilities from DBS, OCBC and Maybank

 

[SINGAPORE]   Frasers Centrepoint Trust   : J69U -0.44% (FCT) has entered into a S$400 million green loan facility, the trust&rsquo s manager announced in a bourse filing on Wednesday (Jan 7).

 

The facility involves a green term loan and revolving credit facilities, in an agreement between the trust and lenders DBS, OCBC and Maybank.

 

The agreement includes clauses relating to the management of FCT. 

 

For instance, prepayment would be required if the current manager &ndash a subsidiary of Frasers Property &ndash ceases to manage FCT and is not replaced by a substitute manager approved by the Monetary Authority of Singapore.

 

Prepayment would also be required if Frasers Property ceases to own at least 51 per cent of the shares of the manager, whether directly or indirectly.

 

The manager said an aggregate of around US$2.68 billion in facilities would be affected if mandatory prepayment were to occur. No such event to trigger prepayment has occurred as at Wednesday, it added.

 

FCT&rsquo s retail portfolio includes malls such as Northpoint City Mall.

The manager of Frasers Centrepoint Trust (FCT) says that the divestment of 10 strata lots at Yishun 10 to Frasers Property has been completed, resulting in a gain of $34.5 million.

 

Frasers Property, through its wholly-owned subsidiary, Lion (Singapore), entered into a sale and purchase agreement (SPA) with FCT&rsquo s trustee, HSBC Institutional Trust Services (Singapore) Limited, on Aug 25.

 

The properties, located next to Northpoint City, are held under subsidiary strata certificates of title. The lots have a leasehold term of 99 years commencing from April 1, 1990. They were acquired in 2016 and have a total gross floor area of 966 sqm and total net lettable area (NLA) of 961 sqm.

 

The manager of FCT says that it intends to use the proceeds from the divestment to pare down debt, which will reduce FCT&rsquo s aggregate leverage and strengthen its financial position.