Yishun's Northpoint City mall South Wing to be acquired by Frasers Centrepoint for S$1.17 billion

Frasers Centrepoint Trust (FCT) is set to acquire the South Wing of Northpoint for S$1.17 billion.

According to Richard Ng, the Chief Executive Officer of Frasers Centrepoint Asset Management which is the manager of FCT, in a press release, the acquisition means FCT now has 100 per cent ownership of both the North Wing and South Wing which together form Northpoint City.

Ng added, "With full control, FCT will be able to implement holistic asset enhancement initiatives and tenant mix strategies to unlock further value across both wings. The acquisition consolidates FCT’s position as Singapore’s leading prime suburban retail space owner and enables FCT to deliver regular and stable distributions to its unitholders."

Currently, FCT owns or jointly owns four of Singapore’s top ten largest prime suburban malls: NEX, Northpoint City, Causeway Point and Waterway Point.

The latest acquisition of Northpoint City's South Wing means that FCT’s market share of private suburban shopping centre by net lettable area will increase from 9.1 per cent to 10.3 per cent.

The acquisition is also subject to approval by unitholders of FCT at an extraordinary general meeting that will be convened at a later date.

How will the acquisition be financed?

The press release added that Frasers Centrepoint Asset Management will finance the acquisition by utilising the net proceeds raised via an equity fund raising launched on Mar. 25, 2025.

The decision of the final funding structure for the total acquisition cost will be made by Frasers Centrepoint Asset Management, taking into account various factors including the prevailing market conditions.

The press release also noted that the cost excludes the acquisition fee of S$11.3 million payable to Frasers Centrepoint Asset Management as the manager of FCT, and the bank loans owed by North Gem Trust (NG Trust) of approximately S$785.0 million.

NG Trust is a private trust that holds the interests in the South Wing of Northpoint City, according to The Straits Times.

Half of the total number of units issued under NG Trust is held by Bright Bloom, while the other half is held by FCL Amber, an entity owned by Frasers Property.

About Northpoint City

The South Wing of Northpoint City shopping mall opened in December 2017 and has a total area of 301,579 square feet.

Together with Northpoint City North Wing, it forms Northpoint City — the largest mall in northern Singapore with a combined net lettable area of over 531,000 sq ft.

The mall itself is part of an integrated mixed-use development comprising a 920-unit condominium known as North Park Residences above the mall, and is connected by an underground pedestrian link to Yishun MRT station and bus interchange.

Top image via Frasers Centrepoint Trust