Overview
- Frasers Property, via wholly owned unit Frasers Property Cuppage, was awarded the collective sale for the leasehold rear block on Feb 27 for S$391.9 million.
- The tender price translates to about S$2,577 per sq ft per plot ratio after lease top-ups and land betterment charges, with reports citing a S$260 million lease top-up to renew the term to 99 years.
- The achieved price is roughly 6.2% below the S$418 million guide set when the site was launched for sale in January.
- The rear block comprises 66 retail units and 66 apartments; before the sale Frasers already owned more than 52% of this block by strata area and about 96% of the freehold front block.
- Frasers says it will assess longer-term rejuvenation options, including a possible amalgamation with its adjacent 51 Cuppage Road under URA’s Strategic Development Incentive scheme, while mall operations continue with occupancy around 98%.