Published: March 25, 2025 ✍️ Author: Global World Business Desk 🌐 Source: GlobalWorldCitizen.com
In a bold move that underscores the growing regional influence of Southeast Asian billionaires, Frasers Centrepoint Trust—a real estate investment trust (REIT) controlled by Thai billionaire Charoen Sirivadhanabhakdi—is set to acquire full ownership of Northpoint City, the largest shopping mall in northern Singapore, for S$1.2 billion (US$896 million).
The landmark deal will see Frasers Centrepoint Trust purchase the South Wing of Northpoint City from entities affiliated with its parent company, Frasers Property, which is also controlled by Charoen. The acquisition will give the REIT 100% ownership of the entire retail complex—both the North Wing and South Wing—solidifying its dominance in the Singapore retail property market.
“With full control, Frasers Centrepoint will be able to implement holistic asset enhancement initiatives and tenant mix strategies to unlock further value across both wings,” said Richard Ng, CEO of Frasers Centrepoint Asset Management, in a statement on Monday.
Northpoint City: A Landmark Development
Spanning over 531,000 square feet of net lettable retail space, Northpoint City is not just a mall—it’s a key urban node in Yishun, a growing residential and transport hub in northern Singapore. The development is part of a larger integrated complex that includes North Park Residences, a 920-unit residential tower, and seamless connectivity to public transport.
With its strategic location and mixed-use appeal, Northpoint City plays a vital role in Singapore’s suburban commercial landscape and is a model of integrated urban development in Asia.
Financing the Deal
To fund the acquisition, Frasers Centrepoint Trust plans to raise up to S$600 million through a combination of share issuance and debt financing. The final financing structure will be determined based on prevailing market conditions and the REIT’s overall leverage strategy, the company said.
This acquisition is expected to enhance the REIT’s long-term income stability and provide greater flexibility in asset management and value creation across its retail portfolio.
Global Perspective
For global world citizens, this deal reflects larger economic and investment trends:
Cross-border expansion: Thai-owned conglomerates are increasingly investing in strategic assets across Southeast Asia, especially in mature markets like Singapore.
Urban integration: Mixed-use developments like Northpoint City represent the future of urban real estate—combining retail, residential, and transit in a seamless ecosystem.
Sustainable growth: The move also signals confidence in long-term consumer activity and urban density as drivers of retail resilience.
Editor’s Note: As global investors and companies expand beyond borders, deals like this one highlight the importance of regional integration, strategic urban planning, and visionary leadership. Stay connected with GlobalWorldCitizen.com for more insights on global business movements, property trends, and cross-border investments that are shaping our interconnected world.