NTUC bought 50% of NEX

[phantom_opera]

NTUC-linked group buying 50% of nex
Mercatus Co-operative paying $825m to Pramerica Asia for the stake
BYFELDA CHAY PRINT |EMAIL THIS ARTICLE
[SINGAPORE] A group linked to the Singapore labour movement is snapping up a 50 per cent stake in the Serangoon-located shopping mall nex for $825 million, in what could be the biggest property investment deal of the year.
BT understands that Mercatus Co-operative Ltd, whose shareholders are the Singapore Labour Foundation (SLF), NTUC Income and NTUC FairPrice, is buying a share in the shopping mall from a fund linked to Pramerica Real Estate Investors (Asia).
Pramerica Asia is the real estate investment management arm of Prudential Financial. Jones Lang LaSalle is brokering the deal.
The amount that Mercatus is forking out for its stake in nex values the mall at $1.65 billion, or about $2,679 per square foot (psf) based on the current net lettable area.

=> so NTUC thinks it will go to $5000psf ??

[phantom_opera]

[SINGAPORE] Robinson Point is said to be changing hands in a deal that values the 21-storey freehold CBD office block at $284 million or about $2,132 per square foot based on its existing net lettable area.
The transaction is being effected through a sale of shares in the company which owns Robinson Point; a real estate fund managed by US-based AEW is understood to be selling all the shares in the company to a small group of Asian investors.
The AEW fund picked up the property from CapitaCommercial Trust (CCT) for $203.25 million in early 2010.
Robinson Point, which is about 15 years old, has a gross floor area which reflects an 11.2 plot ratio, which means the property has been developed to its maximum potential under Urban Redevelopment Authority's Master Plan 2008. However, an obvious potential angle for the buyers would be the possibility of strata titling the building into smaller office units and reselling them for a gain, given the buoyant strata office market as seen in projects like PS100 in Tanjong Pagar, Oxley Tower along Robinson Road, and Eon Shenton.

=> MM office units hot hot?

[radha08]

small money for them...