Frasers Centrepoint Trust (‘FCT’) is a REIT that owns and operates 7 suburban malls in Singapore. FCT generates rental income from its malls that have a total of 1.4m sqft of net lettable area. The REIT is sponsored by Frasers Property Limited, which develops and manages a wide range of properties globally. While its share price has somewhat recovered, I think there is room for more premium than what the market currently accords to it. FCT continues to offer investors good value due to:

1. Visible pipeline for acquisition growth

FCT currently holds a 25% stake in PGIM ARF fund, which has 5 suburban malls with a total of ~1.0m sqft of retail space under the AsiaMalls brand. Its parent, Frasers Property (‘FPL’), holds 65% while the remainder is held by third parties. As part of a possible capital recycling strategy by FPL, the 65% stake could be divested to FCT given that the characteristics