“We are excited by this sizable opportunity, given the lack of tight ownership of retail real estate in Singapore,” the analysts write, calling the transaction a “landmark” one.
The sale of the retail malls under Mercatus Co-operative, a unit of NTUC Enterprise Co-operative, will be keenly watched, says DBS Group Research analysts Geraldine Wong and Derek Tan in a June 23 report.
On June 16, Bloomberg reported that the NTUC unit is exploring a sale of its retail malls, AMK Hub, Jurong Point, Nex and Swing By @ Thomson Plaza, for a sum of $4 billion.
