Frasers Property, Mitsubishi Estate to build S$610.8m mixed-use project along Singapore River

Frasers Property and Mitsubishi Estate have formed a joint venture to develop a luxury mixed-use project on the Valley Point site in River Valley. The project will have a maximum gross floor area of 54,309 sq m and include 184 Frasers Suites serviced residences, with completion scheduled for 2031.

Frasers Property and Mitsubishi Estate have formed a joint venture to develop a luxury mixed-use project along the Singapore River, on the site currently occupied by Frasers Property's retail-and-office property Valley Point and serviced residence Frasers Suites Singapore. The project will have a maximum gross floor area of 54,309 square metres and will include 184 Frasers Suites serviced residences, as well as dining, retail and lifestyle offerings, according to a press release from the firms.

Frasers Property will own a 51 per cent stake in the joint venture, while Mitsubishi Estate will hold the remaining 49 per cent. The project is scheduled to launch in 2027 and be completed in 2031. Both Valley Point and Frasers Suites Singapore are expected to cease operations on 31 March 2027, EdgeProp Singapore reported.

Frasers and Mitsubishi had earlier collaborated in April to set the top bid of S$610.8 million (US$479 million) for a residential site in Singapore's Kallang area, which can yield 470 homes. Frasers has been redeveloping several of its assets, including Robertson Walk and Fraser Place Robertson Walk, which will be replaced by a 348-unit residential condominium under a plan announced in late 2024.

The Singapore-listed property developer is among the assets owned by Charoen Sirivadhanabhakdi and his family, who rank as Thailand's fifth-richest with a fortune of US$11.6 billion, according to Forbes. Charoen's interests span Thailand's largest beverage producer and distributor Thai Beverage, Thai property developer Asset World, packaging company Berli Jucker and hypermarket operator Big C Supercenter.