3Q 2026 Business Update Conference Call

Good morning, everyone. Thank you for joining in Fraser Centrepoint Trust 3Q FY26 Business Updates earnings briefing. I've got here with me today the senior management team, Richard, who is our CEO, Annie, who is our CFO, as well as Pauline, our managing director for investment and asset management. As you can see from the contents, we've got a lot to go through today. So without further ado, I'll pass it on to Richard. Hey, thanks, Judy. Good morning, everybody. So let's get down to business. For this quarter, we decided to instead of jumping straight into the business update, we also included the recent activities that happened around itself. The first one being the divestment of white sand. Next slide, please. Okay, I'm not going to go into every detail here, but just a couple of quick highlights. The property was transacted at $467 million, and the last valuation was

done at $431. So that kind of gave us a net gain of approximately 32.4%. And this transaction is also at a premium to the valuation at about 8.4%. And the entry or the rather the exit yield based on 2025 year end NPI, it's about 4.6%. So some of the key rationale you can see there, of course, one of the main one is actually the reduction of gearing from 40% to 36.5%. That's giving us a little bit of hit room for us to, again, look out for opportunities in the market, which we did. And I'm going to share shortly as well. Okay, this is just some information on white sands. Probably most of you are familiar with this. Also just a couple of highlights. The lease hold for this asset has gone down to about 67 years. And it's also the smallest size mall in our portfolio of about 150,000 square

feet. So some of those are also considerations we take into effect when we look at the divestment of this asset. Next slide. So what are the end product with this divestment? Aggregate leverage dropped to 36.5% giving us a good hit room. NAV actually went up because we divested at a premium. There's a slight dilution of DPU by about 1.9%. Okay, next slide, please. Okay, so what did we do with the hit room that we have managed to obtain from the divestment of white sands? We participated with the sponsor FPL and our joint venture partners in this Bayshore Drive site. The one, as you can see, that is with the yellow star on the right side of this pictorium. Okay, next slide, please. Okay, very quick run through

on some of the key details. Site area is about 618,000 square feet. What we did is the tender price is about 2.1 billion. But more importantly, the total development cost for the retail portion is approximately 613 million. The GFA for the commercial portion is about 238,000 if you round it up. And the estimated NLA ranges between 160 to 180,000 square feet. It's a good sizable mall if you can reach the upper limit of this NLA. Our joint venture partners, Sunway MCL and also Sake Sui House. The target completion for this project is roughly N2030, so it takes about four years of construction. Okay, next slide. Okay, so some of the key highlights of this site. Of course, I mean, most of us, if not all of us are familiar with the

precinct itself, this is the Bayshop precinct, an area where it has got high density population and also, I would say, pretty high income range for this whole precinct itself. So this will be the only commercial site in this whole precinct. And it's in a location where it's also an encompassed part of the Burdod region as well. And what is important is also when we look at our investment criteria, one of such is definitely looking at connectivity. And this site, again, it's on a car light precinct and it has a direct connection with Burdod South MRT station and also a new bus interchange. The population is expected to continue to grow, as you can see from this diagram. Some of those developments that you can see here actually will be coming on stream. So we are expecting around 10,000 new homes that have been planned and will be developed

around this mall itself. And the site itself, I mean, FPL and its partner will be actually building about 100, well, rather 1,280 residential units. Of course, this site is also close to other amenities. It's going to be located next to the largest Safra clubhouse, which is also due to open in 2030. So a lot of amenities, growing population and very good connectivity.

Next slide, please. Yeah. So these are some of the strategic rationale. Some of them I've mentioned before. Definitely, it fits into our criteria of a prime suburban mall with a very good connectivity with a growing population. And also, if you look at it, this also gives us an opportunity to be looking at development as a new growth driver. I mean, the question is always about what's next? Is there malls for us to purchase? What are the opportunities available? So this will give us a new opportunity to look into. And I would say that not every developer or not every read in Singapore has this capability. So it's just a couple of us who can partner with our sponsors to do this kind of thing. So in a way, that will give us an opportunity as a new source of growth.