>

>

Mercatus sells 50% stake in NEX to Frasers Property and Frasers Centrepoint Trust for $652.5 mil

By Atiqah Mokhtar

/ EdgeProp Singapore |

January 26, 2023 9:41 PM SGT

NEX, the biggest retail mall in the north-east region of Singapore with a net lettable area of 630,000 square feet, is fully integrated with Serangoon MRT Interchange Station and Serangoon Bus Interchange. (Picture: Mercatus Co-operative)

SINGAPORE (EDGEPROP) - Mercatus Co-operative, a unit of NTUC Enterprise, is selling its 50% indirect stake in NEX, a retail mall in Northeast Singapore, to Frasers Centrepoint Trust and Frasers Property for $652.5 million.

In a Jan 26 press release, Mercatus announced that its subsidiary Mercatus Tres has entered into an agreement to divest its entire 50% interest in Gold Ridge, which owns, manages and operates NEX. The consideration for the sale of Mercatus Tres' stake was determined based on the adjusted net asset value of Gold Ridge, taking into account the agreed property value of $2.08 billion for NEX.

Mercatus says the divestment follows its strategic review announced in June 2022. On Dec 28, 2022, it announced the sale of Jurong Point and Swing By @Thomson Plaza for $2.16 billion to Hong Kong-listed Link REIT.

Read also: Mercatus divests two retail assets in Singapore for $2.16 billion to Link REIT

Check out the latest listings near NEX, Jurong Point

Tags:

Mercatus Co-Operative NEX Frasers Centrepoint Trust Frasers Property

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

UOL and CapitaLand to acquire Thomson View Condo for $810 mil

2

Emerald of Katong draws 10,000 as crowds surge at project sales galleries during Deepavali weekend

3

Is it a Good Deal?: A freehold three-bedroom in D9 sold for $3.27 million, making a $2.03 million profit

4

Chuan Park attracts 5,000 visitors on first day of preview

5

Executive Condo launches in the pipeline to test new highs of $1,700 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00