Here's your Forbes Daily Briefing, bonus story of the week.

Today on Forbes, Thai billionaire Shiroin Sarivadana Bhakti's

Frazier's property buys part of Singapore Mall and $310 million deal.

Frazier's property, controlled by Thai billionaire Shiroin Sarivadana Bhakti, has bought part of a prime

Singapore shopping mall for $392 million Singapore dollars, or the equivalent of $310 million

U.S. dollars, paving the way for future redevelopment amid a property boom in the city-state.

The Singapore listed developer is buying the rest of the seven-story rear block of its flagship retail

complex, the center point, in the Orchard Road shopping precinct.

The deal values the rear block, comprising 66 residential apartments and 66 retail units,

at 2,57 Singapore dollars per square foot,

based on the property's maximum plot ratio and leasehold top-up, according to a statement released last Friday. Prior to this transaction, Frazier's property owned 52% of the rear block, which sits on a 99-year

leasehold land with a remaining lease of 52 years. It also owns about 96% of the main mall that's on a

freehold plot fronting Orchard Road. The company also owns 51 Cupage Road, a 10-story office building linked to the mall.

In a statement, Sun Su Lin, the CEO of Fraser's property, Singapore, said,

quote,

We are pleased to strengthen our ownership of the center point.

This gives us greater flexibility to unlock the site's long-term potential,

including assessing broader rejuvenation plans for the area.

The center point's rear block occupies a land area of about 44,700 square feet, or 4,153

square meters.

They can be redeveloped into a 10-story building with a maximum gross floor area

of 250,320 square feet, based on an allowable plot ratio of 5.6. This according to what Saville's

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