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SINGAPORE: Frasers Property has been awarded the collective sale tender for the rear block of The Centrepoint for S$391.9 million (US$309 million), in a move the group said on Friday (Feb 27) will strengthen its presence on Orchard Road.<\/span><\/p>\n The tender price translates to a land rate of around S$2,577 per sq ft per plot ratio, after including lease top-ups and land betterment charges.<\/span><\/p>\n It came in below the <\/span>S$418 million guide price<\/span> set when the site – comprising 132 leasehold strata units, including 66 residential units and 66 retail units – was launched for collective sale in early January.<\/span><\/p>\n Completed in 1983, The Centrepoint, one of Orchard Road\u2019s most iconic malls. comprises two components – a freehold front plot and a leasehold rear plot.\u00a0<\/span><\/p>\n Frasers Property said the acquisition of the rear plot will bolster “its ability to maximise the potential of this well-located site, in line with national plans to rejuvenate the Orchard Road precinct”.<\/span><\/p>\n It noted that prior to the collective sale, it already held a majority stake in the rear plot, owning more than 52 per cent of the units by strata area.<\/span><\/p>\n Frasers Property is also the majority shareholder in the freehold front plot, owning about 96 per cent of the units by strata area.<\/span><\/p>\n