FCT to sell White Sands mall for $467m to repay debt

The trust expects a $32.4m gain from the transaction.

Frasers Centrepoint Trust (FCT) has entered into an agreement with Growth Capital Pte Ltd to divest White Sands in Pasir Ris for $467m.

The agreed property value represents an 8.4% premium to the asset’s independent valuation of $431m as at 31 May 2026, according to a bourse filing.

FCT expects net proceeds of about $454.1m from the divestment, which will be used to repay debt. On a pro forma basis, this would reduce its aggregate leverage from 40% to 36.5%.

The trust also expects to record an estimated net gain of about $32.4m from the transaction.

The sale’s completion is expected around 30 September 2026.

The transaction was structured through a put-and-call option agreement. The estimated cash consideration payable by Growth Capital on completion is $456.9m, subject to adjustments.

FCT acquired White Sands in 2020. The mall sits on a 99-year leasehold estate from 1 May 1993.

The property has a gross floor area of 240,371 sq ft and a net lettable area of 150,352 sq ft as at 30 September 2025.

After the divestment, the trust’s retail portfolio will comprise eight suburban retail properties: Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza and Waterway Point.

The remaining portfolio will have an aggregate net lettable area of about 2.84 million sq ft.

The transaction is classified as a discloseable transaction under SGX listing rules.

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