In business updates for the 9MFY2022 ended June 30, Frasers Property announced it had sold 65.1% of Riviere units. The development is targeted to be completed by 1HFY2023. FPL has also sold 100% of Parc Greenwich, an executive condominium.
Elsewhere in Singapore, the planning process for Sky Eden@Bedok is underway with an anticipated launch at end-2022. Sky Eden is the former Bedok Point that was divested by Frasers Centrepoint Trust (FCT).
For the nine months to June 30, 286 units were sold with unrealised revenue of $0.7 billion.
The suburban retail portfolio remained resilient as evidenced by Frasers Centrepoint Trust's 3QFY2022 results which saw tenant sales move to pre-Covid levels and above.
In 2021 Frasers Australia announced it had secured a 2.5 million sq m site in New Beith, Queensland, that could be subdivided into 2,150 plots.
In Australia, July unemployment fell to 3.5%, and GDP inched higher y-o-y. The Reserve Bank of Australia raised policy rates to 1.35% and more hikes are expected in 2H2022.
