Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—is selling the residential block of a prime Singapore shopping mall for S$418 million ($326 million).

The sale will comprise the residential portion of The Centrepoint and about one-third of the complex’s retail units on Orchard Road, Singapore’s main shopping precinct. The sale price values the 66 apartments and 66 retail units at S$2,709 per square foot behind the mall, according to a statement released by the property’s exclusive market agent, Savills Singapore. The buyers will need to pay the government S$260 million to renew the land’s lease back to 99 years and........

© Forbes