Brief Overview:

Frasers Centrepoint Trust (SGX: J69U), or FCT, is the largest suburban retail mall owner in Singapore with assets under management of approximately S$8.3 billion.

From just 3 malls in its portfolio back when it was listed on the Singapore Exchange in July 2006, today, FCT’s portfolio have expanded to include 9 retail malls (50% interest in NEX and Waterway Point, along with 100% interest in Northpoint City, Causeway Point, Tampines 1, Tiong Bahru Plaza, Century Square, Hougang Mall, and White Sands) and an office building (Central Plaza), where they are located in the various suburban regions across Singapore, near homes and within minutes to transportation amenities.

Key Developments during the Financial Year under Review:

  • March 2025: FCT announced the proposed acquisition of Northpoint City South Wing for S$1.17 billion to reinforce the REIT’s position as Singapore’s largest suburban retail space owner, with funds raised through a private plaacement and preferential offering exercise. The acquisition was completed in May 2025. 
  • April 2025: Commencement of asset enhancement works in Hougang Mall, with completion by September 2026, with a targeted 7% return on investment.
  • August 2025: FCT announceed the proposed divestment of Yishun 10 Retail Podium for S$34.5 million to its Sponsor, Frasers Property, with proceeds used to repay debt, reducing aggregate leverage and strengthening the REIT’s financial position The transaction was completed in September 2025.  

FY2024/25 Performance Highlights:

  • Gross revenue and net property income climbed by 10.8% and 9.7% year on year to S$389.6 million and S$278.0 million respectively, which can be attributed to contributions from the newly acquired Northpoint City South Wing, and Tampines 1 (following the completion of its asset enhancement works in August 2024). This was partially offset by lower contribution from Hougang Mall due to asset enhacement works, and absence of contribution from Changi City Point which was divested in October 2023.
  • Distribution payout to unitholders inched up by 0.6% year on year to 12.113 cents, accounting for a larger unit base. 
  • Committed occupancy eased slightly to 98.1% (from 99.7% a year ago) due to the exit of Cathay Cineplexes at Causeway Point and Century Square, with rental reversions at +7.8% (all the malls achieved positive rental reversions of between +3.4% and +10.3%, driven by active asset and property management, along with a strong leasing demand). Shopper traffic grew by 1.8% on a year on year basis (as a result of a strong lineup of marketing campaigns, seasonal events, and community engagement activities), while tenant sales rose by 3.7% year on year. Top 10 tenants of FCT contributed 18.9% towards its gross rental income, with no one single tenant contributing more than 6%.
  • Aggregate leverage edged up by 1.1 percentage points (pp) to 39.6% (FY2023/24: 38.5%), with its average cost of debt down by 0.3pp to 3.8%. Also, 83.4% of the REIT’s borrowings are on fixed interest rates.

ESG (Environmental, Social, and Governance) Progress:

  • FCT was awarded the Regional Sector Leader (Listed) in the Asia, Retail category in the 2025 GRESB Real Estate Assessment, maintaining its 5-Star rating for the 5th consecutive year with an improved score compared to a year ago. This is in addition to the REIT maintaining its ‘AA’ rating from MSCI ESG Ratings.
  • On the governance front, FCT was ranked 6th in the REIT & Business Trust category in the Singapore Governance & Transparency Index 2025.
  • FCT implemented Singapore’s first circular economy food waste solution, the WasteMaster food waste valorisation system, across 5 of its malls, which helped to reduce approximately 258,000kg of food waste in the financial year under review, which is equivalent to over 1.6 tonnes of carbon emissions avoidance. 
  • Its solarisation programme atop the 8 malls in its portfolio also helped to generate 1,497 MWh of renewable energy in the financial year 2024/25, which can power about 348 four-room HDB flats for a year – this is a 4x increase compared to a year ago.
  • In FY2024/25, FCT secured S$694 million in green loans and green club loan facilities, as well as issued S$80 million fixed-rate green notes due 2032 under the Sustainable Finance Framework, with proceeds earmarked for eligible sustainable projects and assets. This hiked the proportion of green loans in the REIT’s borrowings to 90.1% (from 82.8% a year ago).

FCT’s Northpoint City & Causeway Point to Benefit from the Transformative Growth in Northern Singapore:

  • The Urban Redevelopment Authority’s (URA) Master Plan for Singapore’s northern region announced in June 2025, which will include new housing (with over 50,000 residential units to be completed in the next 10-15 years), commercial developments, and green community spaces, along with the Johor-Singapore Special Economic Zone (JS-SEZ), are expected to drive cross-border growth and investment, and creating new employment opportunities.
  • This is on top of the 21.5km North-South Corridor (a fully integrated transport artery that will directly connect Singapore’s northern towns to the city centre), as well as a new interchange station at Sungei Kadut connecting the North-South and Downtown MRT lines, that will benefit FCT’s Northpoint City and Causeway Point in terms of an increase in footfall and tenant sales. 
  • On the possible headwinds faced by Causeway Point following the commencement of the Johor Bahru-Singapore Rapid Transit System (RTS), the view is that the upcoming developments in the northern region, supported by a growing working population and residential catchment and FCT’s proactive tenant mix strategy will outweigh the potential competition. 
  • Particularly, FCT’s Causeway Point is located a stone’s throw away from Woodlands MRT station, a key interchange for the North-South line and Thomson-East Coast Line, and a regional bus hub. The upcoming RTS link linked to the Woodlands North Station on the Thomson-East Coast Line is also just a stop away. All these will bring about an increase in footfall, and presenting a compelling opportunity for Causeway Point.

Looking Ahead:

  • Singapore retail sector is expected to remain resilient, underpinned by a combination of factors including population growth, rising household incomes, supportive government schemes, and a limited supply of new retail space in the city state. 

AGM Details:

Date: Friday, 23 January 2026
Venue: Grand Ballroom, Level 2, The Luxury Collection Bugis Singapore (formerly known as InterContinental Singapore), 80 Middle Road, Singapore 188966
Time: 9.30am

The meeting will be held in a wholly physical format, with no options for unitholders to attend virtually. 

If you have any questions, you may either raise them in-person during the AGM, or submit them via email to FCT@boardroomlimited.com before Monday, 12 January 2026.

Closing Thoughts:

In my opinion, FCT is one of the most stable REITs listed on the Singapore Exchange as all their properties are in Singapore (hence there’s no forex risk to consider), and the fact that the properties are scattered across the various heartland locations in Singapore which serves residents staying in the vicinity. This is on top of tenants being in essential businesses which are defensive in nature, and not exposed to economic risks. 

On the REIT’s performances in the latest financial year, the financial figures are stable (helped by the newly acquired Northpoint City South Wing, and an improvement in contribution from Tampines 1 following the completion of asset enhancement works, as well as improved contributions from existing properties). Occupancy numbers are very strong, at 98.1%, with its debt profile (particularly its aggregate leverage) in a healthy percentage at 39.6%. 

Looking at the financial year ahead, I remain optimistic about FCT’s stable growth through positive rental reversions from new and/or renewed leases secured from its tenants, along with contributions from the newly acquired Northpoint City South Wing. Hougang Mall, upon the completion of its asset enhancement works by next September, will also contribute positively to FCT’s financial figures too. 

Related Documents:

Annual Report for FY2024/25
FCT Appendix to Unitholders
ESG Report for FY2024/25
FCT Notice of AGM
FCT Proxy Form
FCT Notification & Request Form
FCT Appendix to Unitholders

Disclaimer: At the time of writing, I am a unitholder of Frasers Centrepoint Trust.

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