The Business Times
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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

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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

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