I haven’t published anything in a short while. That’s because I was busy ringing in the new year at a resort overseas, followed by a 4-week holiday in Thailand, and then Chinese New Year right after getting back. Rested, recharged, and feeling pretty relaxed. And about Frasers Centrepoint Trust (FCT). Back at my favourite pool villa, same unit as always The Johor Bahru-Singapore Rapid Transit System opens  early 2027. Five-minute ride, co-located immigration on both ends. The narrative is straightforward:

• RTS looks and feels like a typical MRT train
• 1,000 max capacity per train (4-car) makes cross-border shopping easier
• Northern Singapore malls stand to lose shoppers to Johor Bahru (JB)
• FCT takes a hit (?)

It’s a neat story that’s easy to share and easy to worry about. But is it TOO neat? What I find encouraging is that FCT management isn’t avoiding the elephant in the room. The 2026 AGM devoted significant attention to RTS, and CEO Richard Ng has...