Frasers Centrepoint Trust Divests White Sands Mall for S$467 Million
Frasers Centrepoint Trust (FCT) is selling White Sands mall in Pasir Ris for S$467 million, an 8.4% premium over the property’s May 31 valuation. The buyer is Growth Capital, a vehicle linked to Jack Investment and its director Han Chee Juan, who also owns Leisure Park Kallang and recently acquired the retail component of Thomson Plaza for S$250 million. The divestment, announced via a June 30 bourse filing, will reduce FCT’s leverage from 40% to 36.5% and generate a net gain of approximately S$32.4 million.
Sale Price
Premium Over Valuation
Post-Sale Leverage
Estimated Net Gain
Deal Structure and Financial Impact
The sale price of S$467 million represents an 8.4% premium over the independent valuation as at May 31, 2026. After estimated expenses of approximately S$2.8 million, net proceeds are expected to come in at around S$454.1 million, which FCT intends to use primarily to repay existing debt.
The transaction is expected to generate a net gain of about S$32.4 million for the trust. Completion is targeted for around September 30, 2026. Post-divestment, FCT’s aggregate leverage will fall from 40% to 36.5%, strengthening its balance sheet and providing headroom for future acquisitions.
The Buyer and the Remaining Portfolio
Growth Capital is linked to Jack Investment, controlled by director Han Chee Juan. Jack Investment already owns Leisure Park Kallang and recently acquired the first and third levels of Thomson Plaza’s retail space for S$250 million, signalling an appetite for suburban retail assets.
The property was marketed by Cushman and Wakefield and Savills. Cushman and Wakefield head of capital markets Shaun Poh said investor interest in quality retail assets remains strong, while Savills executive managing director Jeremy Lake noted that the transaction reflects robust demand for high-quality suburban retail properties.
After the sale, FCT’s portfolio will comprise eight properties: Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza, and Waterway Point. FCT’s counter closed at S$2.23 on June 30, down S$0.03 or 1.3%.
Frequently Asked Questions
How much is FCT selling White Sands for?
Frasers Centrepoint Trust is divesting White Sands mall for S$467 million, which is an 8.4% premium over the property’s independent valuation as at May 31, 2026.
Who is buying White Sands?
The buyer is Growth Capital, linked to Jack Investment and its director Han Chee Juan. Jack Investment also owns Leisure Park Kallang and recently acquired retail space at Thomson Plaza for S$250 million.
What will FCT do with the proceeds?
Net proceeds of approximately S$454.1 million will be used primarily to repay debt. This will reduce FCT’s aggregate leverage from 40% to 36.5%.
What properties remain in FCT’s portfolio?
After the sale, FCT will hold eight properties: Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza, and Waterway Point.
When will the sale be completed?
Completion is targeted for around September 30, 2026. The transaction is expected to generate a net gain of approximately S$32.4 million for the trust.
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