Singapore property resilient, a safe haven as geopolitical tensions mount: ERA, Huttons

This will allow the group to consolidate adjoining sites for a major redevelopment in the future

 

[SINGAPORE] In a move that comes as little surprise to the market,   Frasers Property   : TQ5 0% has snapped up the rear block of The Centrepoint that was put up for a collective sale, for S$391.9 million. 

 

The price tag is about 6.2 per cent lower than the guide price of S$418 million cited for the prime Orchard Road property, which comprises the residential component of The Centrepoint development and roughly one-third of its retail units. 

 

Soon Su Lin, chief executive of Frasers Property Singapore, said the move &ldquo gives us greater flexibility to unlock the site&rsquo s long-term potential, including assessing broader rejuvenation plans for the area&rdquo .

 

&ldquo In the meantime, it remains business as usual at The Centrepoint, where we continue to enhance the mall&rsquo s retail offerings and organise year-long marketing activities to attract shoppers to the mall,&rdquo she added.

 

The deal was brokered by Savills Singapore. 

 

The Centrepoint comprises two components: a freehold front plot and a leasehold rear plot.

 

The selling price of S$391.9 million values the rear block site at a land rate of S$2,577 per square foot per plot ratio, after including a land betterment charge of about S$253 million to top up the plot&rsquo s lease to a fresh 99 years, and build up the site to its maximum gross plot ratio of 5.6. 

 

Currently, the 44,700 square foot (sq ft) plot has a development baseline of 171,482 sq ft, equivalent to a plot ratio of 3.83. 

 

Frasers Property &ndash controlled by Thai business magnate Charoen Sirivadhanabhakdi &ndash was earlier seen as the most natural buyer and top contender for a deal, as the acquisition will allow it to consolidate adjoining sites for a major redevelopment. 

 

The group could also be looking at amalgamating The Centrepoint site with 51 Cuppage Road, a neighbouring 10-storey office building that it owns. The 99-year-leasehold property, completed in 1998, is directly connected to The Centrepoint via a link-bridge.

 

Under the Urban Redevelopment Authority&rsquo s Strategic Development Incentive (SDI) Scheme, the developer may take advantage of incentives offered in terms of bonus gross floor area, more intensive land use and/or building height. 

 

The SDI scheme aims to nudge renewal and redevelopment of ageing buildings in core areas, and offers incentives to asset owners combining at least two adjacent sites in a way that can have a strong transformational impact on the area. 

 

Frasers Property owns almost all &ndash about 96 per cent &ndash of The Centrepoint&rsquo s front block, which houses 151 retail units on a freehold plot.  

 

Before the collective sale, the group owned part of the rear block, which contains 66 apartments and 66 retail units on an L-shaped plot with around 52 years left on its 99-year lease. It reportedly held all the retail strata units and eight apartments, adding up to about 52 per cent of the strata area and about 85 per cent of the share value in the rear block. 

 

Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, said the prime shopping belt &ldquo continues to excite developers&rdquo . 

 

Several Orchard Road properties have been sold via collective sales brokered by Savills in the past five years, including Tanglin Shopping Centre for S$868 million, Ming Arcade for S$172 million, Delfi Orchard for S$439 million and Concorde Hotel and Shopping Mall for S$821 million. 

 

&ldquo In due course, the future redevelopment of these properties will help to transform Orchard Road from a traditional shopping belt into a must-visit vibrant and multi-functional lifestyle destination,&rdquo said Lake. 

 

The Centrepoint was developed by Frasers Property when it was the property division of Cold Storage. It has an occupancy rate of about 98 per cent as at Sep 30. 

 

The mall opened in 1983 and became home to Robinsons, an iconic anchor tenant until the department store moved out in 2014 after 31 years. 

 

Another department store, Metro, moved in but closed in 2019, by which time other long-time tenants including Times Bookshop and Marks & Spencer had also moved out. 

 

Anchor tenants today include French sports retailer Decathlon, co-working operator Justco, and a FairPrice Finest supermarket.  

 

The site is zoned commercial, with a height control of up to 10 storeys. 

 

At The Centrepoint, the 66 residential units include one to three-bedroom units, sized between 732 and 3,003 sq ft. 

 

Retail unit owners stand to gain proceeds ranging from S$840,000 to S$9.3 million, while residential owners will receive between S$2.7 million and S$7.1 million, subject to final adjustments. 

 

Nearby Cuppage Terrace was put up for sale about two weeks after The Centrepoint&rsquo s rear block went on the market, in an expression of interest exercise that closed on Feb 12. Marketing agent CBRE declined to comment when asked about the results. The strip of 17 conservation shophouses on a 28,986 sq ft site was valued at S$250 million. 

 

As at mid-February, the exercise had reportedly drawn more than 50 inquiries from local and foreign developers, end-users, boutique real estate funds, ultra-high-net-worth family offices and corporates.

The China market contributed S$500 million as at end-2025

[SINGAPORE] Frasers Property recorded S$1.4 billion in pre-sold residential revenue across Singapore, Australia, Thailand and China as at Dec 31, 2025, the developer said in its Q1 business update on Friday (Feb 6).

 

China accounted for S$500 million of the pre-sold revenue, up from S$400 million as at Sep 30. Frasers had 1,580 contracts on hand in the market as at Dec 31.

 

The improvement follows Frasers&rsquo launch of the first phase of unit sales at the Fang Song Community high-end residential project in Shanghai. The company also sold units at its Juyuan Upview and Xuhang Upland projects in Shanghai in Q1.

 

Frasers logged another S$500 million of pre-sold revenue in Singapore, with 930 contracts on hand. The luxury 348-unit residential project Robertson Opus is 56 per cent sold following its July 2025 launch.

 

Australia accounted for S$400 million of Frasers&rsquo Q1 pre-sold revenue &ndash unchanged from Sep 30, 2025 &ndash with 1,356 contracts. The market saw &ldquo strong sales momentum&rdquo even as revenue was recognised upon a higher level of settlements in the quarter, the company said.

 

Over in Thailand, Frasers aims to launch the Gute&rsquo Sathorn housing project near Bangkok&rsquo s central business district in Q2. The company recorded S$400 million in pre-sold revenue in the country, with 176 contracts on hand in Q1.

 

Other segments

Under the industrial and logistics development segment, Frasers added 68,300 square metres (sq m) of landbank in Q1 and has 862,000 sq m in the development pipeline. 

 

In Vietnam, it has 452,000 sq m of planned completions in FY2026 and FY2027 to &ldquo support strong market demand&rdquo .

 

In Australia, however, the industrial and logistics development pipeline is normalising after elevated levels in FY2024. This reflects &ldquo a measured approach in light of moderating demand&rdquo , Frasers said.

 

Frasers Property gaining full ownership of The Centrepoint rear block not a sure thing

 

On the retail front, the company recorded 24,447 sq m in Singapore renewals and new leases in Q1. &ldquo The portfolio maintained healthy occupancy and rental growth, supported by trade-mix enhancements and targeted marketing that lifted footfall and sales,&rdquo Frasers said.

 

In Thailand, it logged 8,193 sq m in retail renewals and new leases, on the back of improved occupancy and rental levels.

 

The figure stood at 515 sq m in Australia, with higher occupancy and stronger tenant sales after the opening of Mambourin Marketplace in September 2025. However, rental reversion turned slightly negative due to less leasing activity and the re-pricing of a previously over-rented tenancy.

 

Frasers&rsquo commercial portfolio maintained positive rental reversions across Singapore, Australia, Thailand, Vietnam and the UK. Occupancy improvement in Singapore was driven mainly by leases at Alexandra Technopark.

 

In the hospitality business, Frasers saw improvements in revenue per available room (RevPAR) across Thailand, the rest of Asia-Pacific and Europe, the Middle East and Africa (EMEA).

 

RevPAR in Apac was up 2.3 per cent year on year, with average daily rate gains in Singapore, Australia and Japan, albeit partly offset by softer China rates. RevPAR was also up 9.1 per cent in Thailand.

 

In EMEA, stronger UK long-stay and public-sector demand, and higher event and group rates in Germany drove a 2.1 per cent rise in RevPAR. 

 

Looking ahead, Frasers plans to focus on debt capital management &ndash extending debt maturities with a focus on green and sustainable financing. Its net debt to equity ratio stood at 89 per cent as at Dec 31. The company has S$2.2 billion in cash and bank balances.

 

The dynamic could change if the owner of Cuppage Terrace puts his asset up for sale soon, too

 

[SINGAPORE] The much-awaited collective sale of the rear block of The Centrepoint in Singapore&rsquo s Orchard Road shopping belt was launched recently at a guide price of S$418 million.  

 

Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, has been seen as the most natural buyer and top contender for the asset. It comprises 66 apartments and 66 retail strata units on an L-shaped plot, with about 52 years left on its 99-year lease.

 

The Business Times understands that the mainboard-listed property group owns all the retail strata units and eight apartments, adding up to about 52 per cent of the strata area and about 85 per cent of the share value in the rear block.

 

In the freehold front block, where The Centrepoint&rsquo s remaining 151 retail strata units are located,   Frasers Property   : TQ5 0% owns about 96 per cent each of the strata area and the share value.

 

The group also fully owns 51 Cuppage Road, a 10-storey office building on a site with about 69 years&rsquo balance lease the building is directly connected to The Centrepoint&rsquo s rear block via a link-bridge.

 

 

Gaining full ownership of the rear block of The Centrepoint through the collective sale would be a big step in helping Frasers Property to combine its sites for a major redevelopment, tapping incentives such as bonus gross floor area under the Urban Redevelopment Authority&rsquo s Strategic Development Incentive (SDI) Scheme. 

 

Frasers Property certainly looks like it is in pole position to clinch The Centrepoint&rsquo s rear block through the tender exercise that will close on Feb 26. However, that may not deter other parties from bidding at the tender, especially if they have been eyeing another nearby asset, Cuppage Terrace.

 

The row of 17 refurbished two-storey conservation shophouses has food and beverage outlets on the ground floor with outdoor refreshment areas, and hotel rooms above.

 

Cuppage Terrace is on a 29,000 square foot site with about 62 years&rsquo balance lease. 

 

Some market watchers estimate it could fetch around S$200 million to S$250 million if put on the market today.

 

If the owner of Cuppage Terrace, Raj Kumar&rsquo s Royal Holdings Organisation, is agreeable to selling the property, it could whet the appetite of other developers, including from overseas, for the rear block of The Centrepoint. 

 

If such a party gains ownership of the two assets, it may be in a position to tap the SDI Scheme with a redevelopment proposal. 

 

One possibility could be to incorporate the conservation shophouses into a new development comprising a hotel with some retail. 

 

A design envisaging, say, a glass canopy over the shophouses to create an air-conditioned indoor street in the style of Bugis Junction, would have quite a transformative effect on the locale. 

 

Such a project would help with the continued rejuvenation of this stretch of Orchard Road. A stone&rsquo s throw away, on the former Faber House site, UOL Group is expected to open the NoMad hotel this year. The 173-room hotel will feature a biophilic waterfall cascading across 15 storeys. 

 

It is not a 100 per cent certainty that Frasers Property will win the enbloc sale tender for The Centrepoint&rsquo s rear block. 

 

If the tender is awarded to another party, it may be a dampener for Frasers Property shareholders looking forward to the group enhancing the value of its ageing Orchard Road assets through redevelopment.

 

Of course, the group can still continue to manage the part of The Centrepoint mall on the front freehold site it can also continue to own 51 Cuppage Road. But it would not be able to combine its sites for a sizeable rejuvenation project.

 

It would be in Frasers Property&rsquo s interest to avoid such an outcome.

 

Given that the group already owns a substantial stake in the rear block of The Centrepoint, it would effectively be paying only for the remaining portion of the block if it is awarded the enbloc sale tender.

 

In short, Frasers Property can afford to outbid just about any competitor to gain full ownership of the rear block.

 

The question then is: How high a price is it willing to pay, to defend its turf in Orchard Road?

Capital injections will advance the technology and digitalisation of both Frasers Property Group and Thai Beverage Group

 

[SINGAPORE] Frasers Property Holdings (Thailand), a subsidiary of   Frasers Property   : TQ5 0%, has agreed to lend around 938.6 million baht (S$37.7 million) to Must Be Company, a joint venture (JV) with Frasers Property Technology (Thailand) and two   Thai Beverage   : Y92 0% (ThaiBev) units.  

 

The capital injections comprise a loan facility of up to 349.3 million baht, based on the 49.9 per cent stake that Frasers Property Holdings (Thailand) owns in the JV, and a separate sum of 589.3 million baht that the subsidiary has made available in favour of the JV, said Frasers Property on Friday (Dec 26).

 

The capital injections will be used to support the JV&rsquo s purpose of advancing the technology and digitalisation of both Frasers Property group and Thai Beverage group, including through investments in third-party technologies and businesses complementary to both parties&rsquo key businesses. 

 

Frasers Property said that the capital injections will be used to support the JV&rsquo s investment in BetterBe Marketplace, in which the JV holds a 50 per cent stake. 

 

BetterBe operates an online marketplace in Thailand under the name NocNoc, and one in Indonesia under the name Renos.id. It specialises in home building and improvement products and services, and provides an e-commerce platform that incorporates artificial intelligence technology, Frasers Property noted. 

 

The company added that SCG Marketplace, which owns the remaining 50 per cent stake in BetterBe, will also make equity capital injections in proportion to its stake. 

 

SCG Marketplace is an indirect wholly owned subsidiary of Siam Cement, which is listed on the Thai stock exchange.

The group is exploring a redevelopment of Yishun 10

 

[SINGAPORE]   Frasers Property   : TQ5 +0.96% posted a net profit of S$100.9 million for the six months ended Sep 30, a 32.2 per cent decline from S$148.9 million for the corresponding period a year earlier. 

 

This came on the back of a 32 per cent drop in revenue to S$1.8 billion for the period, from S$2.7 billion a year before. 

 

In a bourse filing, Frasers Property attributed the poorer performance in H2 FY2025 to lower contributions from residential projects in countries such as Singapore and Australia, and impairments on projects in China, Thailand and the UK, among others.

 

Earnings per share (EPS) fell to S$0.024, down 27.3 per cent from S$0.033 for H2 2024. 

 

Development pipeline

Frasers Property said its residential development pipeline provided earnings visibility, with unrecognised revenue of S$1.4 billion as at Sep 30.

 

Group chief executive Panote Sirivadhanabhakdi said Frasers Property&rsquo s FY2025 performance &ldquo reflected ongoing macroeconomic headwinds and the inherent lumpiness of residential contributions&rdquo .

 

&ldquo Even so, our resilient recurring income base and net fair value change supported earnings,&rdquo he added.

 

Giving an update on the prime Dunearn Road residential site which was awarded to a Frasers-led consortium in July for S$491.5 million or S$1,410 per square foot, Soon Su Lin, chief executive officer of Frasers Property Singapore, said the group is aiming to launch the site in H2 2026. 

 

Frasers Property said it is shifting towards a partnership model for residential developments. For instance, in October, it acquired a residential site in Shanghai, China, via a 14 per cent held joint venture.

 

&ldquo These partnerships enable the group to combine complementary strengths to build a quality portfolio of residential projects in a capital-efficient manner while effectively balancing risk and returns,&rdquo the group said. 

 

Over in Thailand, where the residential market is facing challenges, Frasers Property&rsquo s One Bangkok continues to move units in its luxury residential projects.  

 

Lim Hua Tiong, chief executive officer for Thailand and emerging markets, Asia, said all 90 units released in its first ultra-luxury residential development, One89 wireless, have been sold. 

 

Another 291 units for its upcoming Eighteen Seven residential development are expected to be launched soon, he said. About 70 of these units have been pre-sold.

 

Full-year results

For FY2025, net fair value change and reversal of tax provisions pushed Frasers Property&rsquo s net profit up by 17.8 per cent year on year to S$243.1 million, from S$206.3 million previously. 

 

This was despite a 19.2 per cent fall in revenue to S$3.4 billion, from S$4.2 billion in FY2024. EPS for FY2025 rose to S$0.059, up 40.5 per cent from S$0.042 a year earlier. 

 

The board has proposed a first and final dividend of S$0.045 per share.

 

Major divestments

Frasers Property said its earnings benefited from a net fair value change recorded from &ldquo build-to-core development completions and divestments&rdquo , along with reversal of tax provisions.

 

Major divestments included the sale of a 50 per cent stake in Northpoint City valued at S$187.6 million to Frasers Centrepoint Trust.

 

As at Sep 30, Frasers&rsquo net debt to property assets ratio stood at 43.7 per cent its net debt to total equity ratio rose to 89.2 per cent from 83.4 per cent as at Sep 30, 2024.

 

The higher net debt was mainly due to funding for the privatisation of Frasers Hospitality Trust (FHT), acquisitions by the group&rsquo s real estate investment trusts and capital expenditure.

 

FHT&rsquo s delisting will give the group more flexibility in how it unlocks value from the assets in its portfolio, said Eu Chin Fen, chief executive officer of Frasers Hospitality, at the full-year earnings briefing held on Friday. 

 

&ldquo We have (an)&hellip operating business, which is backed by a strong house of brands. At the same time, we also have an investment business, which is really about managing capital well to deliver returns for investors,&rdquo she said. 

 

&ldquo Our investment business gives us control over the type of assets we develop or acquire and the flexibility to reposition them.&rdquo

 

In FY2025, Frasers Property and its Reits recycled S$1.5 billion, building on the S$1.8 billion recycled in FY2024, as it looks to redeploy capital into higher-return assets. 

 

Good potential

The acquisition of 10 strata lots in Yishun 10 next to Northpoint City positions the group to &ldquo unlock further value&rdquo , Frasers Property said. It also acquired the Golden Village Multiplex in Yishun 10 in June 2025. 

 

Soon said: &ldquo We believe that there is good redevelopment potential for us to develop (it) into something that is residential, and maybe commercial, to enhance the quality of the area.

 

&ldquo We are still reviewing our plans so we are taking time to make sure we put the site to the highest and best use.&rdquo

 

When asked about The Centrepoint, where a collective sale is in the works, Soon said it was business as usual at the mall.

 

&ldquo We continue to look at new concepts, to upgrade the mall&rsquo s tenant mix, but at the same time we are aware of the Urban Redevelopment Authority&rsquo s (plans) for the area with the Strategic Development Incentive Scheme. We continue to look at how we can combine our sites to create an even better development in future.&rdquo  

 

The group&rsquo s malls in Singapore have performed very well, with an increase in tenant sales and positive rental reversions, she added. 

 

&ldquo We remain very confident of the performance of our malls because they have been very resilient. They are social hubs in the communities that we serve,&rdquo Soon said.

Lim Hua Tiong is set to replace Thanapol Sirithanachai, who will continue to serve on the board

 

[SINGAPORE] Frasers Property&rsquo s emerging markets chief executive Lim Hua Tiong will take on the additional role of helming its Thailand unit from Oct 1. 

 

He will replace Thanapol Sirithanachai, who will step down from the role, but will continue to serve on the board of Frasers Property Thailand. 

 

Sirithanachai, also known as &ldquo Woody&rdquo , was appointed CEO of Frasers Property Thailand in June 2020. Prior to joining the group, he was the president of Thai property development company Golden Land Property Development.

 

Frasers Property called the move a &ldquo strategic leadership transition&rdquo that reflects the &ldquo continued growth and maturity of its business in the market&rdquo .

 

&ldquo This change marks an important step in strengthening leadership alignment,&rdquo it added in a bourse filing on Wednesday (Sep 10).

 

Group CEO Panote Sirivadhanabhakdi thanked Sirithanachai for his leadership and contributions to Frasers Property Thailand. 

 

&ldquo I am confident that under Hua Tiong&rsquo s leadership, we will continue to build on this strong foundation and unlock new opportunities for growth,&rdquo he added. 

FCT says net proceeds from the sale of the 10 strata lots to its sponsor will be used to repay debt and lower its aggregate leverage

 

[SINGAPORE] Frasers Property : TQ5 -1.5% is proposing to buy the remaining properties at Yishun 10 complex that it does not as yet own from Frasers Centrepoint Trust (FCT) : J69U +0.44%.

 

This comes after Frasers Property, FCT&rsquo s sponsor, acquired a cinema at the shopping and entertainment development from Golden Village (GV) Multiplex earlier this year. 

 

On Monday (Aug 25), Frasers Property&rsquo s wholly owned subsidiary Lion (Singapore) entered a sale and purchase agreement with HSBC Institutional Trust Services, the trustee of FCT, to acquire 10 strata lots at 51 Yishun Central 1. 

 

The lots are located in Yishun 10, the strata-titled development next to the Northpoint City mall. They have a 99-year leasehold term which commenced on Apr 1, 1990, and a combined area of 966 square metres. In March this year, FCT moved to take full ownership of Northpoint City for S$1.17 billion.

 

The consideration for the proposed transaction is S$34.5 million, an average of two independent valuations of the properties as at May 31, 2025. 

 

Independent property valuers Savills Valuation and Professional Services and Jones Lang LaSalle Property Consultants valued the Yishun 10 units at S$35 million and S$34 million, respectively, as at end-May. 

 

Lion (Singapore) already owns the only other property at Yishun 10, the cinema on the second floor of the complex. It completed its S$48 million acquisition of the cinema from GV Multiplex on Aug 8, 2025, and leased it back to the cinema operator for an 18-month period starting from that date. 

 

Hence, Lion (Singapore) will have full ownership of Yishun 10 once the proposed transaction is complete. 

 

Frasers Property said that the proposed transaction aligns with its strategy of optimising capital productivity through active portfolio management initiatives. 

 

It will potentially allow the group to generate additional value from the longer-term redevelopment potential of the asset, Frasers Property said. 

 

The manager of FCT said the divestment will benefit unitholders of the trust, as it aligns with its portfolio management strategy. 

 

Net proceeds from the divestment &ndash of around S$33.8 million after deducting related expenses &ndash will be used to repay debt, which will reduce FCT&rsquo s aggregate leverage and strengthen its financial position, the manager said.  

 

FCT in March entered an agreement to purchase the South Wing of Northpoint City, the mall next to Yishun 10. As FCT already owned the mall&rsquo s North Wing, which it acquired back in 2006, the acquisition of the South Wing would grant it full control of Northpoint City. 

 

This would allow FCT to implement holistic asset enhancement initiatives and tenant mix strategies that unlock greater value across both wings of the property, Richard Ng, chief executive of the manager of the trust, said in March.