$613 mil retail mall in Bayshore Drive GLS site marks Frasers Centrepoint Trust's maiden development project

Jovi Ho07-21

URA has awarded the tender for the 99-year leasehold site to a consortium of five parties that bid $2.13 billion. FCT estimates yield on cost of around 5%, with completion around end-2030. The Urban ...

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The Urban ...</p>\n\n<a href=\"https://www.theedgesingapore.com/cityandcountry/retail/613-mil-retail-mall-bayshore-drive-gls-site-marks-frasers-centrepoint-trusts?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>$613 mil retail mall in Bayshore Drive GLS site marks Frasers Centrepoint Trust's maiden development project</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$613 mil retail mall in Bayshore Drive GLS site marks Frasers Centrepoint Trust's maiden development project\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-21 11:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/cityandcountry/retail/613-mil-retail-mall-bayshore-drive-gls-site-marks-frasers-centrepoint-trusts?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Jovi Ho</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>URA has awarded the tender for the 99-year leasehold site to a consortium of five parties that bid $2.13 billion.  FCT estimates yield on cost of around 5%, with completion around end-2030. The Urban ...</p>\n\n<a href=\"https://www.theedgesingapore.com/cityandcountry/retail/613-mil-retail-mall-bayshore-drive-gls-site-marks-frasers-centrepoint-trusts?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4080","symbol_name":"零售业房地产投资信托","start_time":0,"source_url":"https://www.theedgesingapore.com/cityandcountry/retail/613-mil-retail-mall-bayshore-drive-gls-site-marks-frasers-centrepoint-trusts?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2653813527","we_media_id":null,"thumbnails":[],"rights":{"source":"edge_highlight","url":"https://www.theedgesingapore.com/cityandcountry/retail/613-mil-retail-mall-bayshore-drive-gls-site-marks-frasers-centrepoint-trusts?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2653813527","pubTimestamp":1784604299,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"URA has awarded the tender for the 99-year leasehold site to a consortium of five parties that bid $2.13 billion.  FCT estimates yield on cost of around 5%, with completion around end-2030. ","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4080":"零售业房地产投资信托","BK4585":"ETF&股票定投概念","CDL":"VictoryShares US Large Cap High Div Volatility Wtd ETF","BK4139":"生物科技","DPU":"Top KingWin Ltd","BK4588":"碎股","BK4127":"投资银行业与经纪业","FRZCF":"Frasers Centrepoint Trust","BK6137":"零售房地产信托","GLS":"Gelesis Holdings","URA":"Global X Uranium ETF","BK4231":"零售房地产信托","J69U.SI":"星狮地产信托","BK4606":"AI电力股","BK6011":"零售业房地产投资信托","BK6512":"房地产股","GDV":"GDV股息收入基金","FCT":"FCT浮动利率基金"},"translate_title":"Bayshore Drive GLS 地块耗资 6.13 亿美元的零售购物中心标志着 Frasers Centrepoint Trust 的首个开发项目","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FRZCF":1.5,"CDL":1,"URA":1,"J69U.SI":0.9,"DPU":1,"FCT":1,"GLS":1,"GDV":1},"content_text":"URA has awarded the tender for the 99-year leasehold site to a consortium of five parties that bid $2.13 billion.  FCT estimates yield on cost of around 5%, with completion around end-2030. The Urban Redevelopment Authority (URA) has awarded the tender for the government land sales (GLS) mixed-use site at Bayshore Drive to the highest tenderer, a consortium comprising Frasers Property, Frasers Centrepoint Trust (FCT), Sunway MCL, Sekisui House and Lum Chang.\nThe 99-year leasehold site spans 57,460.6 sqm, with a maximum gross floor area (GFA) of 149,398 sqm. This includes 22,500 sqm of commercial area, which includes a retail mall spanning 22,100 sqm in GFA and about 14,900 to 16,700 sqm in net lettable area. \nFCT will develop and own 50% of the retail component, which comprises 15% of the total GFA. This marks FCT's first development project, and FCT will have \"significant control over the design development and management of the new retail mall\", according to a July 21 bourse filing.\nThe total development cost of the retail mall is expected to be approximately $613 million on a 100% basis, reads FCT's bourse filing. FCT estimates the yield on cost to be approximately 5%, and completion is expected to be around end-2030. \nThe manager intends to progressively finance the development of FCT's percentage share of the commercial component of the joint development with internal funds and external borrowings over the development period. \"The project allows FCT to harness development as a new growth driver at an attractive yield, while creating a pipeline for future acquisition,\" adds FCT. \nThe residential component of the development is expected to contribute up to 1,280 residential units to the shopper catchment area, says FCT. The wider Bedok region has the second-largest resident population in Singapore, with approximately 274,360 residents. The retail space per capita in the Bedok area is currently lower compared to the national average, according to FCT.\nThe mixed-use development will be directly connected to Bedok South MRT Station on the Thomson-East Coast line and is the only integrated transport hub and the only mixed-use site within the Bayshore precinct under the current URA Master Plan.\n\"Bayshore forms part of a broader long-term transformation along Singapore's East Coast, where approximately 10,000 public and private homes are planned over time... The joint development is envisioned to serve as a key retail, recreational and transport hub for the new estate,\" reads the bourse filing. \nA future SAFRA clubhouse, located adjacent to the development, will be the largest in Singapore and is slated to open in 2030. \nThe consortium had put in the top bid of $2.13 billion, or $1,323 psf per plot ratio (ppr), for the GLS tender, which closed on July 15. The awarded consortium had bid some 5.8% above the next bidder, a consortium that includes entities under the Hong Leong Group, including City Developments Limited (CDL), Hong Leong Holdings Limited, Hong Realty (Private) Limited and TID.\nThe lowest bid came from Breeze Residential and Breeze Commercial Trustee, which were incorporated only in July. It shares a registered address at Capital Tower with CapitaLand entities such as CapitaLand Investment and CapitaLand Integrated Commercial Trust.\n\nIn a report, Jefferies Research analyst Wilson Ng estimates the near-term drag on FCT's distribution per unit (DPU) for funding the development could be up to 2%, before a potential 5% accretion once the completed mall starts generating income.\nIn addition, incremental debt to fund the project could bring gearing back up to 39%, estimates Ng.\nWhile this marks FCT's first development project, the execution and earnings risks are mitigated by its 50% interest, writes DBS Group Research's Tabitha Foo. \"We view FCT's participation positively, given its strong track record in managing suburban malls and as it expands its exposure to eastern Singapore, particularly following the divestment of White Sands.\"\nFCT announced the sale of White Sands mall for $467 million at the start of the month.\nCompared to the $613 million figure announced July 21, Foo had earlier estimated a gross development value (GDV) of around $550 million for the retail component of the Bayshore Drive development. FCT's stake translates to a capital commitment of under $300 million, based on Foo's forecast, and this is less than 5% of its assets under management.\nMore details are expected to be shared at FCT's upcoming 3QFY2026 results briefing on July 27.\nUnits in FCT closed flat at $2.27 on July 21, down some 2.2% year to date. \nRead more about Bayshore Drive:\nFrasers Property, FCT, Sunway MCL, Sekisui House, Lum Chang consortium tops three bids for Bayshore Drive mixed-use GLS\nAnalysts positive on FCT's potential award to build 'next suburban retail landmark' at Bayshore\nRead about this year's GLS tenders:\nURA launches Lorong Puntong GLS site, first ThomsonBishan plot in a decade (June)\nSunway MCL, CSC Land JV tops four bids for River Valley Green (Parcel C) GLS site at $1,730 psf ppr (June)\nCDL, Hong Leong JV tops bids for Peck Hay Road GLS site with second-highest residential bid on record (June)\nURA announces nine new sites under Confirmed List in 2H2026 GLS programme, including white site at Jurong Lake District (June)\nURA launches Berlayar Drive and New Upper Changi Road GLS sites (May)\nHolland Plain GLS site in D10 draws sole bid from Sim Lian (May)\nDunearn Road GLS site draws six bids; Wing Tai-Metro consortium on top with $1,625 psf ppr bid (April)\nRiver Valley Green (Parcel C) GLS site in popular Great World area could 'pique developer interest' (April)\nPeck Hay Road GLS site in Newton could draw up to eight bids: analysts (April)\nFrasers Property-Mitsubishi Estate JV tops four bids for Kallang Close GLS site at $1,415 psf ppr (April)\nLarge 5.74ha Bayshore Drive mixed-use GLS site could draw $2 bil top bid: analysts (March)\nQingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr (March)\nGuocoLand, Intrepid Investments, TID consortium tops Lentor Central GLS bid with record $1,278 psf ppr (March)\nURA launches GLS site at Holland Plain, with up to six bidders expected (February)\nCDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others (February)\nDairy Farm Walk GLS site draws five bidders with 'measured' top bid of $962 psf ppr, 5.7% below Narra Residences site (January)\nFor more property trends and breaking news, visit City & Country's microsite at theedgesingapore.com/cityandcountry","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653813527","isCrawlerRequest":true}