Frasers Property, FCT acquire 50.0% stake in NEX for $652.5m

NEX is the largest suburban retail mall in Northeast Singapore.

Frasers Property Limited and Frasers Centrepoint Trust have jointly acquired 50.0% interest in Gold Ridge for $652.5m.

Gold Ridge holds NEX, the largest suburban retail mall in Northeast Singapore.

According to Frasers Property, NEX has a total net lettable area of approximately 634,631 square feet spread over seven retail levels, including two basement levels.

The mall has a committed occupancy of 99.9% as of end-November 2022. It has 332 stores including FairPrice Xtra, Isetan, Food Junction, Shaw Theatres, H&M, Food Republic, &Joy Japanese Food Street, Courts, Beauty in the Pot and Cold Storage Supermarket.

“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,” Soon Su Lin, CEO of Frasers Property Singapore, said.

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