(June 16): Singapore’s NTUC Enterprise Co-operative Ltd is exploring a sale of its retail malls in the city state for about S$4 billion (US$2.9 billion or about RM12.67 billion), according to people with knowledge of the matter.

NTUC is working with a financial adviser on the potential sale and had reached out to some prospective buyers to gauge interest, said the people, who asked not to be identified as the process is private. The properties are held by unit Mercatus Co-operative Ltd, a real estate owner and investor that manages more than S$10 billion of assets, according to its website.

Deliberations are ongoing and there is no guarantee that NTUC will go ahead with a sale, said the people. Representatives of NTUC and Mercatus didn’t immediately respond to requests for comment.

Mercatus is one of the largest mall owners by floor space in Singapore, its website shows. It owns and runs the AMK Hub, Jurong Point and Swing By @ Thomson Plaza, and co-owns NEX. The company also has strata-titled assets within retail malls and at sites in various locations across Singapore, and One Marina Boulevard, a 31-storey office building.