Anchorpoint mall in Alexandra Road up for sale at $295m guide price
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The retail mall is connected to The Anchorage, an adjacent 775-unit condominium, and to an overhead bridge linking to IKEA across the road.
PHOTO: FRASERS CENTREPOINT TRUST
SINGAPORE – Anchorpoint mall in Alexandra Road is up for sale at a guide price of $295 million via an expression of interest exercise that closes on March 10 at 3pm.
The asset is held by two entities. The main mall at 370 Alexandra Road is held by Copperdome, while the two-storey conservation bungalow is held by Copper Hills. Both entities are part of building contractor Jobina Construction.
This translates to about $3,751 per square foot on its existing net lettable area of about 78,636 sq ft, according to its marketing agent CBRE.
The freehold suburban retail mall has nearly 60 tenants and comprises a total strata area of 110,373 sq ft across two prime retail levels (entire ground floor and basement), alongside an iconic standalone two-storey conservation building and a basement carpark with 130 parking spaces.
The shopping centre’s previous owner – Frasers Centrepoint Trust (FCT) – announced in Singapore Exchange filings in December 2020 that it is divesting Anchorpoint for $110 million to unrelated third parties.
The retail mall is connected to The Anchorage, an adjacent 775-unit condominium, and to an overhead bridge linking to IKEA across the road. It recently underwent an asset enhancement initiative that upgraded its mechanical and electrical infrastructure and refreshed interiors.
Mr Clemence Lee, executive director of capital markets in Singapore at CBRE, said: “Anchorpoint is the only singly held mall of substantial footprint within the Alexandra/ Queenstown area. This positioning, coupled with its name recognition that is synonymous with the precinct, gives it a competitive edge over neighbouring strata malls and retail spaces.
“In recent months, the market is witnessing a surge in demand from investors actively acquiring well-located suburban retail assets. This trend is driven by the combination of high yields, strong fundamentals and stable, defensive cash flow these properties deliver,” he added.
Mr Lee pointed to recent transactions such as Piccadilly Galleria, Kinex, Bukit Panjang Plaza, and The Clementi Mall, which traded at $4,132 per square foot.
Anchorpoint is also well-positioned for exponential growth driven by the Government’s ongoing rejuvenation initiatives, including several upcoming residential developments and the upgrading of Alexandra Hospital into a major integrated general hospital.
This transformation is set to provide a massive boost in catchment density and ensure a steady influx of a younger, more vibrant demographic going forward, CBRE said.
