Frasers Centrepoint completes sale of 10 strata lots at Yishun 10

The divestment was worth over $30m.

The manager of Frasers Centrepoint Trust (FCT) has announced the completion of the divestment of 10 strata lots located at Yishun 10.

According to a regulatory filing, the company said the transaction was completed pursuant to the sale and purchase agreement (SPA) for $34.5m.

Lion (Singapore) Pte. Limited, a wholly-owned subsidiary of Frasers Property, has entered into an SPA in August with HSBC Institutional Trust Services (Singapore) Limited in its capacity as a trustee of FCT.

The properties being sold are held under subsidiary strata certificates of title with a leasehold term of 99 years commencing from 1 April 1990. The properties were acquired in 2016 and have a total gross floor area of 966 square metres and a total net lettable area of 961 square metres.

The manager intends to use the divestment proceeds to pare down debt, which will reduce the trust’s aggregate leverage and strengthen its financial position.