FNN

Property / FNN: units of FNN’s subsidiary, Frasers Centrepoint placed a stunning top bid for a mixed-use commercial and residential plot at Yishun Central 1 that surpassed that of consultants' expectations and the second-highest bidder by a whopping 47%. North Gem Development and FC North Gem Trustee put in a top bid of $1.4b, or $1,077 psf ppr, for the 99-year leasehold site, way above the top bid of $750 and $850 psf ppr that consultants had expected. In total, five bids were placed, with consultants earlier expecting between five and 15 bids. Frasers says its bid demonstrates its confidence in the suburban mall sector, and is line with its strategy to strengthen its foothold in the Yishun area. Notes the site is one of the last remaining mixed-use sites within the Yishun central area, which has the potential to become one of the largest integrated developments in Singapore. The plot of land is right beside the Northpoint mall, which is under the portfolio of FCL unit Frasers Centrepoint Trust. The group's plans for the site include developing a 12-storey integrated complex comprising 900 residential units. These apartments will sit on top of a retail mall, bus interchange and community club. The group may integrate the new development with Northpoint through a covered pedestrian promenade and link bridges, subject to the authorities' approval. Jones Lang LaSalle expects buyers of the residential units at the new devt to fork out an ASP of $1,300 psf.