Frasers Property of Thailand’s 3rd richest billionaire Charoen Sirivadhanabhakdi sells part of prime Singapore mall for $326M

The leasehold portion at the rear of the property, which includes its entire residential block and about one-third of its retail units, has been put up for collective sale from Wednesday until Feb. 26, according to its exclusive marketing agent, Savills Singapore.

The guide price for the 66 apartments and 66 retail units works out to S$2,709 per square foot (US$22,730 per square meter) after factoring in a S$260 million land betterment charge to refresh the lease to 99 years and raise the total gross floor area to a plot ratio of 5.6, as reported by EdgeProp Singapore.

The CentrePoint shopping mall in Singapore. Photo from Frasers Property's website

Situated in one of the world’s most expensive retail destinations, the mall occupies two adjacent land parcels held under different tenures.

The portion being offered for sale has about 52 years left on its 99-year lease and covers an area of roughly 44,700 square feet, according to The Straits Times.

It is designated for commercial use with a maximum height of 10 storeys, meaning it can be redeveloped into a mixed-use project.

The remaining 151 retail units on the mall’s freehold land are excluded from the sale.

Frasers Property’s decision to divest part of its flagship mall comes as demand for prime residential land in Singapore’s central business district continues to climb and home prices in the city-state hit a new record last year, Forbes reported.

Charoen, 81, and his family rank third on the U.S. magazine's real-time billionaire list with a net worth of $11.3 billion as of Jan. 8, 2026.

He is the founder and chairman of TCC Group, a sprawling conglomerate with interests spanning beverage, real estate and hospitality. Besides Frasers, its assets include hypermarket chain Big C Supercenter, Thailand’s largest drinks maker Thai Beverage and Bangkok-based developer Asset World Corp.