Property group JBE said to buy Mercatus assets in HDB estates in low-S$80 million deal

Evia Real Estate is in exclusive due diligence to purchase another nine assets for over S$175 million

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Kalpana Rashiwala

Published Fri, Dec 22, 2023 · 08:09 PM

The FairPrice supermarket space at Block 166 Bukit Merah Central is part of the bundle of nine assets that JBE is buying from Mercatus. PHOTO: GOOGLE MAPS
Evia may be able to tap some value-add potential for the 30,000 sq ft space at 71 Kallang Bahru it plans to buy from Mercatus. PHOTO: GOOGLE MAPS
The roughly 45,000 sq ft of space in this three-storey commercial block near Bishan bus interchange and MRT station is among the Mercatus assets on which Evia Real Estate is doing due diligence. PHOTO: GOOGLE MAPS

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SINGAPORE-BASED property group JBE is understood to have inked a deal to buy one of the three bundles of commercial properties in Housing and Development Board (HDB) estates that NTUC Enterprise unit Mercatus put on the market a few months ago.

The pricing is in the low-S$80 million range, The Business Times understands.

Word in the market is that Evia Real Estate is in exclusive due diligence with a view to acquiring the other two bundles from Mercatus. It is said to be looking at a price slightly north of S$175 million.

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