SINGAPORE - Frasers Centrepoint Trust (FCT) is divesting White Sands mall for $467 million, which represents an 8.4 per cent premium over an independent valuation as at May 31, 2026, its manager announced late on June 30 in a bourse filing.The buyer is Growth Capital, an entity linked to Jack Investment, which is headed by prominent Hainanese businessman Han Chee Juan.Jack Investment owns Leisure Park Kallang, a mall near Singapore’s National Stadium, and also recently acquired the retail space on the first and third levels of Thomson Plaza for $250 million.Completion of divestment of White Sands in Pasir Ris is expected to take place around Sept 30.The manager said it intends to use the estimated net proceeds of about $454.1 million to repay debt, after accounting for divestment-related expenses of about $2.8 million.This will reduce FCT’s aggregate leverage as at March 31 from 40 per cent to 36.5 per cent, and will strengthen its financial position, it said.After accounting for the estimated total cost of the divestment, FCT is expected to register an estimated net gain of about $32.4 million.Following the sale, FCT’s retail portfolio will comprise eight retail properties in Singapore’s suburbs: Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza and Waterway Point.Richard Ng, chief executive officer of the manager, said: “White Sands, the smallest mall in our portfolio, has performed well since acquisition. The divestment is part of our proactive portfolio management strategy to strengthen FCT’s portfolio resilience and to unlock value for unit holders.“The transaction will enhance FCT’s financial position through the lowering of its aggregate leverage, and provide us with headroom to redeploy it into future growth opportunities.”Shaun Poh, executive director of capital markets at Cushman & Wakefield, said: “Investor interest in quality retail assets remains strong, supported by Singapore’s safe-haven status, robust retail operating fundamentals and favourable interest rate environment.“We expect these factors to continue supporting transaction activity and drive further investment opportunities in the months ahead.”Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, said the sale of White Sands mall “reflects strong demand” for “high-quality suburban retail assets in Singapore”.He added: “Well-connected malls with established trade areas continue to attract significant investor interest. Investors are drawn to the attractive net yields, strong fundamentals and value-add angles.”FCT units were trading down 0.9 per cent, or two cents, at $2.24 as at 9.44am on July 1. THE BUSINESS TIMES