Mercatus close to sealing Jurong Point purchase
The NTUC co-op is expected to pay S$2.2b or S$3,343 psf. Net yield works out to 4.2%
Add BT as a preferred source
Singapore
IN THE biggest property investment sales transaction so far this year, Mercatus Co-operative, an NTUC social enterprise, is close to sealing a deal to buy Jurong Point for S$2.2 billion, BT understands. The price reflects a net yield of about 4.2 per cent. It also translates to S$3,343 per square foot based on the 658,000 square feet of commercial net lettable area (NLA) in Jurong Point to be sold by an equal joint-venture between Lee Kim Tah Holdings and Guthrie GTS.
The mall, which is nearly fully let, stands on two sites; one has a balance lease term of about 75.5 years and the other, 88 years. Their combined land area is 557,288 sq ft. The property was completed in two stages - in 1995 and 2008.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Not retirement, but a rewiring and fresh perspectives post-DBS, says Piyush Gupta
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
Singapore’s national accountancy body sets up task force to strengthen financial reporting
