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Thread: FCT slated to buy Bedok Point next year

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    Default FCT slated to buy Bedok Point next year

    [url]http://www.businesstimes.com.sg/sub/companies/story/0,4574,410319,00.html?[/url]

    Published October 27, 2010

    [B][SIZE="5"]FCT slated to buy Bedok Point next year[/SIZE][/B]

    By UMA SHANKARI


    FRASERS Centrepoint Trust (FCT) will buy Bedok Point from parent company Fraser and Neave by the second quarter of next year, the trust's chief executive, Chew Tuan Chiong, said yesterday.

    FCT, which owns four suburban malls in Singapore, paid $290 million for two malls - an extension to Northpoint at Yishun and YewTee Point at Choa Chu Kang - from Fraser and Neave's property arm, Frasers Centrepoint, in January this year.

    It paid for those malls by issuing new units and taking on more debt. Dr Chew said that Bedok Point would probably be financed in the same way.

    He added: 'We are also quite keen to increase the liquidity of the stock because it (FCT) is quite tightly held.'

    BT understands that Bedok Point could cost around $120-140 million but the final price has not been fixed. The mall, which is now 99 per cent leased, is waiting to receive its Temporary Occupation Permit (TOP).

    FCT yesterday announced a distribution per unit (DPU) of 2.16 cents for Q4 2010, up 6 per cent from 2.04 cents in Q4 2009. This takes total DPU for FY2010 to 8.2 cents, a 9 per cent increase over the previous financial year.

    Total distribution to unitholders rose 29 per cent for the three months ended Sept 30, 2010 to $16.5 million from $12.8 million a year ago.

    Revenue was boosted by the accretive acquisitions of the Northpoint extension (Northpoint 2) and YewTee Point as well as the successful revamp of the older portion of Northpoint.

    Portfolio occupancy stood at 98.1 per cent as at end-September. Over the financial year, leases for 8.6 per cent of the portfolio's net lettable area were signed, achieving average rental reversions of 7 per cent over preceding rents.

    FCT also recognised a revaluation surplus of $42.5 million for FY2010, with all four properties recording higher valuations.

    During the year, FCT also started the refurbishment of its Woodlands mall, Causeway Point. The enhancement programme is expected to cost $72 million and span 30 months and net property income is targeted to increase by about 20 per cent after that.

    Dr Chew is upbeat about the outlook for Singapore's suburban retail market.

    'We think that the rental levels are going to be sustained and there will even be rent increases together with Singapore's economic growth and population growth,' he said.

    In FY2011, 241 leases that account for 30 per cent of FCT's net lettable area will expire and Dr Chew expects good rental reversions on the back of the improving market.

    FCT shares fell three cents to close at $1.50 yesterday.

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    Taken from [url]http://www.bedokpoint.com.sg[/url] ...

    Shop Name * Unit * Contact
    Ayam Penyet Ria * #01-05 *
    Baby Elephant * #B1-K2 *
    Banquet * #04-01/04 *
    Beauty Language * #B1-15 *
    Beijing 101 Hair Consultants * #03-18 *
    Belladonna Fashion * #02-17 *
    Bishamon Sapporo Ramen * #02-32/34 *
    Black Hair Salon * #B1-22 *
    Challenger * #B1-23/26 *
    Cheers * #01-07 *
    Chicken Hotpot * #02-35/36 *
    CITISPA * #03-23 *
    Comics Connection * #B1-01 *
    Confucius * #03-14/16 *
    CRISTOFORI Music School * #04-05/08 *
    D'Pastry * #01-K3 *
    Du Yi Bookshop * #B1-27/30 *
    Eatzi Gourmet Restaurant * #03-08/10 *
    EC House Express Cut * #B1-32 *
    Erabelle * #03-27 *
    Eu Yan Sang * #B1-20/21 *
    FabricPro Dryclean & Laundry Services * #B1-14 *
    FingerTip Nail Care * #B1-K3/K5 *
    Fone Box * #B1-K1 *
    Four Leaves * #01-08 *
    Giordano * #02-23 *
    Gong Cha * #02-30 *
    Hair Century * #03-17 *
    Hi-Tea * #02-31 *
    Hong Kong Sun Kee Dessert * #01-06 *
    Japan Home * #B1-05/09 *
    Jollibean * #01-K4 *
    K Box Karaoke * #04-09/18 *
    Killiney Cafe * #01-04 *
    Kinkang International * #03-29/30 *
    KJ Colourlab * #B1-K6 *
    Kousei Foot Reflexology * #B1-03/04 *
    Kungfu Paradise * #01-01 *
    Lerk Thai Restaurant * #02-12/14 *
    M1 * #03-33 *
    Mila * #02-19 *
    Mini Princess * #B1-16/17 *
    Mini Toons * #B1-18/19 *
    Mondo * #02-28/29 *
    MOS Burger * #03-35/36 *
    nydc * #01-09 *
    Old Chang Kee * #01-K1 *
    Paradise Inn * #02-01/04 *
    PastaMania * #01-02/03 *
    Pearl's Visioncare * #B1-31 & #B1-K8 *
    Pet Lovers Centre * #B1-10/13 *
    Polly Perry * #03-34 *
    Popeyes Louisiana Kitchen * #03-01/04 *
    Pro Trim * #03-25/26 *
    Samsung Mobile Shop * #03-21 *
    Shine * #03-24 *
    SingTel * #03-22 *
    Snackz It! * #01-K2 *
    SportsLink * #02-20/22 *
    Stalford * #03-12/13 *
    StarHub Exclusive Partner * #03-20 *
    Subway * #03-11 *
    Sushi Tei * #02-05/09 *
    The Chicken Rice Shop * #02-10/11 *
    The Chinese Wedding Shop * #02-27 *
    The Manhattan FISH MARKET * #03-05/07 & 03-40 *
    Trendy Eyes * #B1-02 *
    Tsukiji Gindaco * #03-37 *
    TZ-Active * #04-19/20 *
    Ultimate Cleavage * #02-16 *
    Vivi * #02-15 *
    Watsons * #02-18 *
    Xpressflower.com * #B1-K15 *
    Yi Wen Fang * #03-32 *
    Yoshinoya * #03-38/39 *

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