The Business Times
business-time-50
Singapore property

Mercatus Co-operative hires JP Morgan for strategic review, seen to have bundled 4 Singapore retail assets for potential sale

The 4 assets are Jurong Point, AMK Hub, Mercatus’ half-stake in Nex and 110,000 sq ft of strata space in Thomson Plaza

google-preferred-sourceAdd BT as a preferred source
Kalpana Rashiwala

Kalpana Rashiwala

Published Thu, Jun 16, 2022 · 06:01 PM
    • Mercatus owns about 720,000 sq ft of space in Jurong Point.
    • AMK Hub, with 320,000 sq ft NLA, was valued at S$846 million at end-2021.
    • The revenue from Swing By @ Thomson Plaza last year was S$13.3 million and the property was valued at S$203.1 million at end-2021.
    • Mercatus owns half of Nex, a mall on a site with about 85 years' balance lease.
    • Mercatus owns about 720,000 sq ft of space in Jurong Point. MERCATUS CO-OPERATIVE
    • AMK Hub, with 320,000 sq ft NLA, was valued at S$846 million at end-2021. MERCATUS CO-OPERATIVE
    • The revenue from Swing By @ Thomson Plaza last year was S$13.3 million and the property was valued at S$203.1 million at end-2021. MERCATUS CO-OPERATIVE
    • Mercatus owns half of Nex, a mall on a site with about 85 years' balance lease. MERCATUS CO-OPERATIVE

    FIRST, it was NTUC Income Insurance that began a sale process for its Income At Raffles office building in Collyer Quay. Then, another co-operative in the NTUC stable, Mercatus, is now said to have bundled 4 of its retail properties in Singapore for sale.

    JP Morgan is marketing the bundled package and the price expectation is “in excess of S$4 billion”, The Business Times understands.

    The 4 retail assets are: Jurong Point, AMK Hub in Ang Mo Kio, Mercatus’ half-stake in Nex (integrated with the Serangoon bus interchange and MRT station) and some 110,000 sq ft of strata space in Thomson Plaza (roughly half of the mall) — totalling about 1.5 million sq ft of net lettable area (NLA).

    Singapore propertySingapore retailNTUC

    TRENDING NOW

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Ohmyhome (BVI) is the holding company of Ohmyhome Singapore and its subsidiaries, which provide real estate services in Singapore and Malaysia.

    Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses

    Sean Chiao joined Surbana Jurong as group CEO in April 2023.

    Surbana Jurong group CEO Sean Chiao to step down; search for successor under way

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More