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

Kalpana Rashiwala

Published Thu, Jun 16, 2022 · 06:01 PM

Singapore property

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).

In Thomson Plaza, the space that Mercatus owns is branded as “Swing By @ Thomson Plaza”, comprising F&B, retail, entertainment and lifes…