Mercatus Co-operative Ltd. signed a deal to acquire the biggest suburban mall in Singapore for S$2.2 billion from a joint venture between Lee Kim Tah Holdings Ltd. and Guthrie GTS Ltd., The (Singapore) Business Times reported.
A Mercatus spokesperson confirmed that they had signed a sale and purchase agreement for the mall, but did not confirm on the transaction price.
The joint venture's sale of the 761,000-square-foot Jurong Point shopping center marked the largest property transaction so far in 2017. It first sought expressions of interest for the shopping center in the fourth quarter of 2016.
The sale price reflected a S$3,343 per-square-foot price based on the property's 658,000 square feet of commercial net lettable area and an estimated net yield of 4.2%, according to the April 7 report.
Mercatus, a social enterprise by Singapore's National Trades Union Congress, or NTUC, is expected to complete the acquisition by July.
As of April 6, US$1 was equivalent to S$1.40.