The asset enhancement initiative (AEI) will begin in 2Q2026, according to FCT’s business update for 1QFY2026 ended Dec 31, 2025, released Jan 23. The upgrading works will “solidify NEX as a key retail hub in the Northeast”, according to FCT.
Frasers Centrepoint Trust (FCT) and PGIM will convert 62,000 sq ft of gross floor area (GFA) from the existing carpark of NEX into retail and office space, adding some 44,000 sq ft of net lettable area (NLA) to the Serangoon shopping mall.
Frasers Centrepoint Asset Management, the manager of FCT, is targeting a 7% return on investment, based on an estimated $90 million capital expenditure.
