Retail REIT Frasers Centrepoint Trust is stepping beyond its traditional buy-and-hold strategy by co-developing a mixed-use site that will have no income contribution until around end-2030.
The REIT's manager, Frasers Centrepoint Asset Management Ltd, announced on 20 July that a consortium including FCT had won the tender for a mixed-use commercial and residential site at Bayshore Drive at a price of SGD2.1 billion, or SGD1,323 per square foot per plot ratio.
FCT holds a 50% stake in SPT (Retail), the vehicle that will develop and retain full ownership of the commercial component, while the residential portion will be developed separately for sale by SPV (Residential).
Related: Frasers Centrepoint Trust in consortium for Bayshore Drive bid
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