Bedok Point Net Property Income (in SGD millions)
Bedok Point was acquired from FCT’s sponsor, Frasers Centrepoint Limited (FCL) in 2011. Now everything seems to be going downhill after the change of ownership. On hindsight, it seems that FCT overpaid to acquire this property and the acquisition is no longer yield accretive. Despite Bedok Point’s poor performance, several unitholders praised the management for doing a fantastic job at FCT. And it’s easy to see why – FCT has been rewarding unitholders with growing dividends over the last 10 years since IPO: FCT’s ......Bedok Point, one of the Frasers Centrepoint Trust’s (FCT) suburban malls located in the east of Singapore, has been losing its charm ever since a new shopping mall, Bedok Mall, located right next to Bedok Point, came into operation in 2013. The poor performance of Bedok Point is reflected in its net property income from 2012 to 2016: