SHOPPING-MALL owner Frasers Centrepoint Trust (FCT) has inked deals to buy all 10 strata-titled retail units at the Yishun 10 cinema complex from Bonvests Holdings for S$37.75 million, the trust said in a Singapore Exchange (SGX) filing on Friday evening.
The trust manager’s chief executive officer, Chew Tuan Chiong, said in a statement Yishun 10 was next to FCT’s Northpoint shopping centre and acquiring its retail podium was in line with the trust’s strategy for Northpoint.
FCT added that an independent aggregate valuation of the 10 retail units done by Jones Lang LaSalle Property Consultants was S$40 million as at Sept 30, 2016. The tenure of the retail units was 99 years starting from April 1, 1990, it noted.
Both FCT and Bonvests are listed on SGX’s mainboard.