On 16 May 2019, Frasers Centrepoint Trust ("FCT") announced that it is acquiring a 33.33% stake (S$440.6Mil) in Punggol Waterway Point from its sponsor Frasers Property. The suburban mall is conveniently located next to Punggol MRT/LRT/Bus Interchange and integrated with Watertown residential component on top of the mall. It serves as the main shopping mall for residents of Punggol new town and the footfall catchment area is huge as evident from the large crowd of shoppers even during the weekday. 1. FCT is a great defensive retail REIT with excellent DPU growth track record and many assets in the pipeline from its Sponser. The acquisition of Waterway Point has a distinct advantage of further diversifying its earnings base from suburban shopping malls. This is the first large scale shopping mall being developed by Frasers, Far East Organisation & Sekisui House and managed by Frasers Property. The layout of...