Frasers Property and Frasers Centrepoint Trust have agreed to jointly acquire a 50% stake in Nex Mall, Singapore, for a purchase consideration of S$652.5 million:

NEX is located within the Serangoon housing estate which has an estimated resident population of 68,800 with 21,634 Housing Development Board (HDB) flats in the area. NEX is the largest suburban retail mall in Northeast Singapore with total net lettable area of approximately 634,631 square feet spread over seven retail levels, including two basement levels, and the committed occupancy was 99.9% as at end-November 2022.

The property sits on a leasehold land plot, with 85 years remaining on the lease.