Frasers Property: In talks over selling stake in Frasers Tower

Singapore two-dollar bills

Frasers Property said on Thursday that it has been in discussions with “certain parties” who expressed interest in a stake in the Frasers Tower property in Singapore.

The announcement was in response to a query from Bloomberg in relation to the property, which is located at 182 Cecil Street, the company said.

“Frasers Property continually reviews opportunities to enhance shareholder value, including potential opportunities to collaborate with new investors and/or divest our interests in projects/assets,” the company said in a filing to SGX on Thursday.

“There is no certainty that any transaction would result from such discussions,” it added.

Frasers Tower received its temporary occupation permit (TOP) in May 2018; its book value was S$1.73 billion as of 30 September, according to Frasers Property’s annual report.

The report said that the property was part of the company’s efforts to improve its recurring income streams.

Frasers Property raised a S$1.2 billion five-year syndicated green loan last year to refinance the existing loans on the Frasers Tower project, the first loan of its kind in Southeast Asia.

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