Half of Nex Mall in Serangoon Up for Sale at About S$1.2 Billion, Valuing the Mall at Up to S$2.5 Billion
A 50% stake in Nex, the large suburban mall above Serangoon MRT interchange, is on the market with an asking price of about S$1.2 billion to S$1.25 billion. The stake is held mainly by sovereign wealth fund China Investment Corp, with a minority share held by a PGIM real estate fund. Frasers Centrepoint Trust, which owns the other half, has the right of first refusal.
Asking Price, 50% Stake
Latest Valuation, Whole Mall
Net Lettable Area
Lease Remaining
The Deal in Numbers
The asking price works out to about S$2.4 billion to S$2.5 billion for the whole mall, above the latest valuation of slightly over S$2.26 billion released by Frasers Centrepoint Trust (FCT) in its FY2026 results. A year earlier, the mall was valued at S$2.14 billion, or S$3,374 psf of net lettable area.
A private expression of interest exercise for the stake closed recently and is reported to have drawn a few bids, with Cushman and Wakefield and JLL said to be running the process. Market watchers expect FCT to use its right of first refusal, although one observer suggested that if there are no unusually high bids from institutions, it may not make sense for FCT to buy the remaining half.
About Nex
Nex is about 16 years old and has seven retail levels, including two basements. It sits on the Circle and North East Lines at Serangoon, connects to the bus interchange and is linked to Serangoon Polyclinic. The 99-year lease started on 26 June 2008, leaving about 80 years and eight months.
| Item | Detail |
|---|---|
| 2008 land tender | Top bid of S$800.9 million, about S$850 psf ppr |
| Lease | 99 years from 26 June 2008 |
| Net lettable area | 634,631 sq ft, including 17,562 sq ft for community and sports use |
| Enhancement works | S$90 million; about 62,000 sq ft of car park space to become retail and office space |
| Extra lettable area | About 44,000 sq ft |
| Timeline | Phase 1 ends 2026; phase 2 from January 2027 to Q1 2028 |
Source: The Business Times. Figures as reported.
Other Large Deals in Motion
The Nex sale is one of several big-ticket transactions involving the Frasers group. Frasers Property is reported to be narrowing down a buyer for its 50% stake in Frasers Tower, the 38-storey Grade A office building near Tanjong Pagar MRT station. The whole building was valued at about S$2.12 billion, or around S$3,100 psf of net lettable area, which puts the half stake at slightly over S$1 billion. Frasers Property also recently sold the 304-room Capri by Fraser hotel in Chinatown for S$328 million to YTL Hotels and a private fund managed by BlackRock.
Frequently Asked Questions
What is being sold at Nex?
A 50% stake, held mainly by China Investment Corp with a minority share held by a PGIM fund. Frasers Centrepoint Trust owns the other half.
How much is the asking price?
About S$1.2 billion to S$1.25 billion for the half stake, or about S$2.4 billion to S$2.5 billion for the whole mall.
Can Frasers Centrepoint Trust buy it first?
Yes. FCT has a right of first refusal, and many market watchers expect it to use it.
What upgrading works are planned?
A S$90 million upgrade that converts about 62,000 sq ft of car park space into retail and office space, due for completion in Q1 2028.
Own a home near Serangoon?
I can give you an indicative valuation and recent transaction prices for homes around Nex and the Serangoon interchange.