Latest news with #HougangMall
Business Times
7 days ago
- Business
- Business Times
Frasers Centrepoint Trust retail portfolio occupancy hits 99.9% in Q3
[SINGAPORE] Committed occupancy in the retail portfolio of Frasers Centrepoint Trust (FCT) reached 99.9 per cent in the third quarter ended Jun 30, 2025. This was a growth of 0.2 percentage point year on year, and 0.4 percentage point quarter on quarter. The Q3 2024 figure excludes the Tampines 1 mall, and the Q3 2025 figure excludes Hougang Mall, due to asset enhancement initiative (AEI) works, its manager said in a business update on Thursday (Jul 24). The committed occupancy at all of its malls – excluding Hougang Mall – remained above 99 per cent, with several seeing full occupancy. Both shopper traffic and tenants' sales across its retail portfolio increased in the period. Shopper traffic was up 2.1 per cent on a yearly basis; tenants' sales were up 4.4 per cent. The manager expects government support measures, such as Community Development Council and SG60 vouchers, to boost retail spending. The trust's recent acquisition of Northpoint City South Wing further strengthened the portfolio, added the manager, noting that it offers organic growth through potential AEIs and cost-savings over time. This acquisition 'consolidates FCT's position as Singapore's leading prime suburban retail space owner', it said, adding that Northpoint City is well-positioned to benefit from the north region's revitalisation, underpinned by substantial new homes and its transformation into a 'work-live-play hub'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The trust has completed equity fundraising of S$421.3 million, and issued S$200 million of perpetual securities, at a 'competitive pricing' of 3.98 per cent. FCT's manager also noted its healthy financial position, with an improved cost of debt at 3.7 per cent in Q3 2025. This is against 3.8 per cent in the preceding quarter, and 4.1 per cent in the corresponding year-ago period. Its average leverage was 42.8 per cent as at Jun 30, or 40.4 per cent on a proforma basis, based on total assets as at Jun 30, assuming the repayment of loans from the proceeds of the perpetual securities. Rents and retail sales remain resilient, amid geopolitical tensions and economic uncertainty, the manager said. It noted limited new retail space in the pipeline, with the private retail supply pipeline between 2025 and 2028 estimated to increase by about 2 per cent from the existing private stock. 'Limited supply and healthy demand continue to underpin the Singapore suburban retail market,' it added. The counter closed at S$2.20, down S$0.01 or 0.5 per cent on Thursday, before the announcement.
Yahoo
28-03-2025
- Business
- Yahoo
Hougang Mall gets facelift with new shops & F&B outlets, expected completion by 2027
Residents of Hougang should be no strangers to Hougang Mall. The mall opened in 1997, and as a former resident of Hougang, I have a certain fondness for the mall. It underwent some renovations in 2006, but nearly 2 decades on, it's fair to say that the mall is clearly showing its age. Beginning in the second calendar quarter of 2025, the mall will be undergoing renovation works (the property owner, Frasers Centrepoint Trust, terms this as an Asset Enhancement Initiative or AEI), which are expected to end in late 2026. These works are expected to cost around S$51 million, based on the figures presented in the 16th Annual General Meeting for Frasers Centrepoint Trust. The exterior of the mall already shows signs of preparations for the AEI, with several of the outdoor stalls already closed. Among these are Qiji, Wok Hey, and Stuff'd. Old Chang Kee is still operating. KFC has also closed, and McDonald's will be closed from 14 Apr 2025. Other closures within the mall include Pepper Lunch, Gong Cha, and Long John Silver's, whose last day of operations is 9 Apr 2025. Cheng San Public Library will also be closed from 1 Oct 2025 until 2027 to undergo its own revamp. On a large display in the mall, The Future of Hougang Mall is explained to shoppers while also highlighting the improvements that they can expect when the works are completed. Some of these improvements are upgraded toilets, a more contemporary interior and a new entrance. When news of these closures began to be announced on social media, there was speculation that the entire mall would be shut down. Others disagreed and said the mall would still be open while the works were carried out in phases. Whatever the case may be, I look forward to Hougang Mall's new look and what it will bring. Hougang bakery has daily $1 bread offer, but how does it taste? The post Hougang Mall gets facelift with new shops & F&B outlets, expected completion by 2027 appeared first on
