Frasers Centrepoint Trust (FCT) will take full control of Northpoint City mall in Yishun after acquiring its South Wing.

The acquisition, valued at S$1.17 billion (US$875 million), includes all units in North Gem Trust (NG Trust) and full ownership of the trustee-manager of NG Trust.  

Opened in December 2017, Northpoint City South Wing is the largest shopping mall in northern Singapore, with a combined net lettable area (NLA) of more than 531,000sqft.

The two-storey retail complex, including two basement levels, seamlessly connects to the Yishun transport hub via an underground pedestrian link.

Richard Ng, CEO of Frasers Centrepoint Trust, said the move would consolidate the company’s suburban retail properties, allowing stable distribution to its unit holders.

“This allows us to implement holistic asset enhancement initiatives (AEIs) and tenant mix strategies to unlock further value across both wings,” he added.

The transaction sees FCT acquiring stakes from FCL Amber, a wholly owned subsidiary of Frasers Property Limited, and Bright Bloom Capital Limited, a subsidiary of TCC Prosperity Limited, both currently holding equal ownership in NG Trust.  

Following the acquisition, FCT’s market share of private suburban shopping centres by NLA will rise from 9.1 per cent to 10.3 per cent. The trust owns and/or jointly owns four of the country’s 10 largest prime suburban malls, including Nex, Causeway Point, Waterway Point, and Northpoint City.  

Completion of the transaction is subject to regulatory approvals.