Singapore mall stake sells for $497m
The manager of Frasers Centrepoint Trust and its sponsor, Singapore-listed property developer Frasers Property, have acquired a 50 percent interest in Gold Ridge Pte. Ltd., which holds the NEX suburban retail mall located at 23 Serangoon Central, Singapore, for S$652.5 million ($497.2 million).
“Retail is one of the five asset classes in Frasers Property’s multinational portfolio. This investment in NEX further strengthens our focus in the suburban retail segment where we already have an established platform and strong capabilities.” said Soon Su Lin, CEO of Frasers Property Singapore.
NEX is located near an estimated resident population of 68,800, with 21,634 Housing Development Board (HDB) flats in the area, according to the release. NEX is the largest suburban retail mall in Northeast Singapore, with a total net lettable area of 634,631 square feet over