NEX has long been a cornerstone of life in Singapore’s northeast, serving its strong and growing catchment population. 

First opened in 2010, the retail mall is integrated with the Serangoon Bus Interchange and located above Serangoon MRT station, which serves both the Circle and North East Lines. The newly completed Serangoon Polyclinic – Singapore’s largest polyclinic – is directly linked to NEX via an underpass.   

With the recently announced Asset Enhancement Initiative (AEI), Frasers Property’s retail-focused REIT, Frasers Centrepoint Trust (FCT), together with its partners, is undertaking a comprehensive upgrade of the mall to align with the evolving needs of shoppers, tenants, and the broader community, while continuing to deliver sustainable value for investors.  

The NEX AEI which is scheduled to commence in 2Q 2026 and complete in about two years, will add approximately 44,000 square feet of additional commercial net lettable area (NLA). Circulation and connectivity within the mall will be improved, while refreshed common areas and new tenant clusters will be created. 

These enhancements are designed to provide a more seamless and engaging experience for shoppers and increase flexibility for tenants, enabling them to expand and thrive within a thoughtfully curated suburban retail setting. 

Unlocking NEX’s asset value 

NEX is owned and operated by Gold Ridge, which is held by three shareholders with FCT holding an effective 50% interest.  

FCT, which celebrates its 20th anniversary this year, brings strong operational capabilities and a proven ability to sustain value through active asset enhancement and tenant remixing.  

The mall’s AEI demonstrates proactive asset management aimed at delivering higher yields and increased value, targeting a 7% return on investment to boost long-term income and valuation. 

NEX’s well-curated tenant mix includes new-to-FCT portfolio such as DJI, EcoRing Japan, krmerch, Mi Bibimbap, Onggii, Oriental Kopi, Pull-Tab Coffee, QQ Fashion, STEAK 99, Tai Er, Teva and Zhong Yan Tang. 

Enhancing assets to deliver stronger footfall and tenants’ sales  

NEX’s upcoming AEI builds on FCT’s established track record of refreshing and repositioning suburban retail assets to meet evolving consumer needs. Mall enhancements deliver efficient layouts, stronger tenant adjacencies and income resilience over the longer term. 

For instance, the AEI at Tampines 1, which was completed in August 2024, has successfully increased footfall and tenant sales with an enhanced retail ambience and improved trade mix.  

The ongoing AEI at Hougang Mall is more than 80% pre-leased ahead of target completion at year end, reflecting strong retailer confidence in the rejuvenated mall. 

As Singapore’s largest owner of suburban retail malls, FCT understands what makes these assets work for our communities, retail businesses and investors.  

Listed on the Singapore Exchange and a Straits Times Index constituent, FCT is a leading developer-sponsored retail REIT with assets under management of approximately $8.3 billion. The REIT’s retail portfolio includes Causeway Point, Century Square, Hougang Mall, NEX (50.0%-interest), Northpoint City, Tampines 1, Tiong Bahru Plaza, Waterway Point (50.0%-interest) and White Sands.  

Asset enhancement initiatives at Tampines 1 (left) and Hougang Mall (right) help make retail spaces more vibrant. Tampines 1’s AEI was completed on schedule delivering an ROI exceeding its target 8%, while Hougang Mall’s AEI is on track to achieve an ROI of around 7%.