Pasir Ris mall White Sands changing hands for $467 mil
The transaction signals continued investor appetite for well-connected suburban malls and allows FCT to strengthen portfolio resilience and its balance sheet by recycling capital.
Frasers Centrepoint Trust agreed to sell White Sands mall to Growth Capital for $467 million, generating approximately $454.1 million in net proceeds for debt repayment.
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Frasers Centrepoint Trust (FCT) is selling White Sands mall in Pasir Ris for $467 million to Growth Capital, an unrelated third-party purchaser.
FCT’s trustee has entered into a put and call option agreement with the buyer, and the deal is expected to complete around Sept 30, said FCT’s manager in a June 30 bourse filing.
The mall has a leasehold tenure of 99 years starting from May 1993. Comprising five storeys and three basement levels, its gross floor area totals 240,371 sq ft with a net lettable area of 130,352 sq ft as at Sept 30, 2025.
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It had a total of 132 tenants with key ones including FairPrice, Cookhouse by Koufu, McDonald’s, and Popular Bookstore, as at end-September last year.
White Sands is directly connected to and sits next to Pasir Ris MRT Station, which will become an interchange station when the upcoming Cross Island Line is completed in 2030.
FCT had acquired White Sands in 2020. It is the smallest mall in the Reit’s portfolio and has “performed well” since acquisition, said Richard Ng, CEO of the manager.
Cushman & Wakefield (C&W), which brokered the sale of the suburban retail property, said the transaction follows an offer sourced by its capital markets team.
“Investor interest in quality retail assets remains strong, supported by Singapore’s safe-haven status, robust retail operating fundamentals, and favourable interest rate environment,” said Shaun Poh, executive director of capital markets at C&W.
Poh added that these factors will likely continue to support transaction activity and drive further investment opportunities in the months ahead.
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The proposed divestment is part of FCT’s proactive portfolio management strategy to strengthen its portfolio resilience and unlock value for unitholders, Ng noted.
Net proceeds from the sale will be around $454.1 million, and the Reit manager plans to use these to repay debt.
Upon completion of the sale, FCT’s retail portfolio will comprise eight retail properties in the suburban regions of Singapore: Causeway Point, Century Square, Hougang Mall, Nex (effective 50% interest), Northpoint City, Tampines 1, Tiong Bahru Plaza, and Waterway Point (effective 50% interest).
"Well-connected malls with established trade areas continue to attract significant investor interest. Investors are drawn to the attractive net yields, strong fundamentals and value-add angles,” says Jeremy Lake, managing director, investment sales & capital markets at Savills Singapore, joint marketing agent for White Sands.
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