Mercatus Strategic Investment sells Income at Raffles in Singapore CBD

Mercatus Strategic Investment Management LLP, the fund manager of NTUC Income, has sold its 100 percent interest in Income at Raffles.

The 100 percent interest in the prime Singapore central business district (CBD) asset was acquired by a Singapore-based investment manager.

Located in the heart of Raffles Place along Collyer Quay, Income at Raffles is one of the few remaining assets in the Singapore CBD with a highly coveted 999-year leasehold land tenure. The asset comprises a 37-story office building and two-story retail podium that was originally built in 1992 and completed enhancement works in 2019.

“The sale of Income at Raffles is a landmark transaction, given its prominence as one of Singapore’s most iconic buildings that sits on a rare 999-year leasehold land. JLL is proud to have acted as an advisor on this transaction, which reinforces the longer-term appeal of core Singapore CBD assets,” said Ting Lim, head of capital markets, Singapore, JLL, wh