FCT acts fast. Hot on the heels of its quarterly results announcement 2 weeks ago where management hinted that they will be looking at acquisition of asset held and managed by their sponsor, they announced yesterday that they will be buying the Yishun 10 Cineplex from Bonvest Holdings.

Yishun 10 houses the only Cineplex – Golden Village in Yishun, and several other retail shops such as Koi, Singpost, Arnold’s Chicken etc. It is located just across the road from Northpoint. It is not a big property and acquisition to be honest, as its NLA is just 10k square feet, about 5% of Northpoint’s NLA. And it cost FCT $37.75m to be paid fully in cash to the seller. The property is valued at $40m and enjoyed 99.5% occupancy.

As a Yishun resident that frequent the cinema there, I am excited to hear this news. I was just commenting …