MaoHui Cooperative's 11 asset portfolios are reportedly being acquired for a total sale price of 281 million yuan | Lianhe Zaobao

The 11 retail asset portfolio launched at the end of last year by the Mercatus Co-operative, a unit under NTUC Enterprise, has reportedly been acquired by a related company of a private equity investment firm, with a total sale price of SGD 281 million, which is 8.4% lower than the indicative price of SGD 307 million. The acquirer is related to Altallo Asset Management (hereinafter referred to as Altallo), and the properties they acquired include private strata retail spaces located in Bukit Timah Plaza and Coronation Plaza, as well as nine Housing and Development Board (HDB) shops, totaling approximately 172,000 square feet. These shops are distributed in areas such as Punggol, Whampoa, Tanjong Pagar, Bedok, Woodlands, Bishan, and Tampines. In response to inquiries from Lianhe Zaobao regarding the transaction, a spokesperson for NTUC Enterprise stated that the co-operative could not comment due to confidentiality reasons. According to The Business Times, the acquired properties are fully leased, with NTUC FairPrice as the main tenant, which intends to continue holding long-term leases. Among the 11 properties, three have FairPrice Finest supermarkets, while the remaining eight have NTUC FairPrice supermarkets. Further Reading NTUC plans to sell 11 retail real estate projects with an indicative price of around SGD 300 million It is estimated that Altallo's bid of SGD 281 million offers an initial net yield of approximately 4.3%. Established last year, Altallo primarily manages funds. This investment company has been active recently. It was reported that in December last year, it acquired four large retail units from the HDB, located near Redhill Centre, close to Toa Payoh, Ang Mo Kio, and Clementi MRT stations, with a total transaction price believed to be in the range of SGD 160 million. Additionally, it also purchased nine neighborhood assets from JBE Holdings for approximately SGD 90 million At the same time, the company is also a potential buyer of the shopping center i12 Katong. This i mall, located between East Coast Road and Joo Chiat Road, was launched on the market last November with a price tag of SGD 350 million. This price is lower than the SGD 470 million that buyers bid a few years ago. Industry insiders point out that low interest rates and the reluctance of owners of older malls to enhance their assets have led to more investment opportunities in the market