Bedok Point is further away from the MRT station and bus interchange than Bedok Mall, a bigger and more diverse shopping centre with residential units above, they added.

“Existing tenants will be notified in advance on our redevelopment plans so that they are able to make their necessary business continuity plans,” the Frasers Property spokesperson said.

The redevelopment comes after Frasers Property bought Bedok Point from one of its real estate investment trusts, Frasers Centrepoint Trust (FCT).

At FCT’s extraordinary general meeting in September last year, shareholders questioned why Bedok Point was sold for S$108 million when it was bought in 2011 for S$129 million.

In response, FCT’s manager said Bedok Point was acquired in 2011 “for a consideration of S$127 million”, adding that the mall’s size constraint and the lack of direct connectivity to key transportation nodes “limited its ability to be the dominant mall within Bedok town centre”.

“Over the years, the manager has focused on proactive leasing and re-positioning strategies to stabilise its performance,” the manager added, according to a copy of the meeting minutes obtained by CNA.

“This was as competition intensified due to new competing retail offering which is larger and better located within its immediate catchment.”

The manager highlighted that Bedok Point has achieved occupancy of above 90 per cent at the time, but “remains challenged” especially with the COVID-19 pandemic.