Frasers Property solidifies Orchard grip with $391.9m Centrepoint win

The group moves one step closer to full ownership of the prime shopping landmark.

Frasers Property, through its wholly owned subsidiary Frasers Property Cuppage Pte. Ltd., has secured the collective sale tender for the leasehold rear plot at The Centrepoint on Orchard Road for $391.9m.

The tender price represents a land rate of approximately $2,577 per square foot per plot ratio, including lease top-ups and any land betterment charges, according to a filing.

The leasehold rear plot comprises 66 retail units and 66 residential apartments under Management Corporation Strata Title Plan No. 1304.

The acquisition will be completed once a sale order approving the collective sale is obtained, or once all subsidiary proprietors have given their consent.

Prior to the collective sale, Frasers Property owned over 52% of the units by strata area. The group is also a majority shareholder of the freehold front plot, holding roughly 96% of the units.

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