The issue that is cropping up for retail real estate investment trust (REIT) investors would be the question of the Johor Bahru (JB) – Singapore Rapid Transit System, or RTS, and how this may affect the local retail scene. Scheduled to open in late 2026, the narrative is that RTS would draw some of the shopper traffic away from Singapore shopping malls, due to the convenience of a seamless transport mode into JB via the local MRT subway system. Screenshot of Causeway Point and Northpoint from presentation slides of FCT’s second half and financial year ending 30 Sep 2024. One REIT that could experience a relatively large effect would be Frasers Centrepoint Trust (FCT), with its highest earning Causeway Point being the largest mall nearest to the Woodlands Checkpoint, not to mention that another mall, Northpoint City North Wing, is the northern part of Singapore, too. The addition of a deemed easy access means to JB naturally brought concerns to FCT unitholders, with us included....