FCOT to acquire Melbourne property & develop China Square hotel

Frasers Commercial Trust (FCOT) has entered into a conditional sale and purchase agreement with Australand Property Holdings to acquire a Melbourne commercial property worth A$222.5 million (S$232 million), its first foray in the Melbourne CBD office market. In addition, it has interest a conditional arrangement with Frasers Centrepoint (FCL) to develop a 16-story hotel in China Square Central.