Wilkie Edge sold to Lian Beng and Apricot Capital

Located at the junction of Wilkie Road and Selegie Road, Wilkie Edge is a leasehold 12-storey development comprising office and retail units as well as a serviced residence, Citadines Mount Sophia Singapore. It has 88 years left on the lease. The mixed-use commercial and residential building located near Little India, is being sold for S$280 million — works out to a price of S$1,812 per square foot (psf) based on the building’s net lettable area, and a price of S$1,299 psf based on gross floor area.

Lian Beng Group and Apricot Capital, the private investment firm of Super Group’s Teo family, have agreed to acquire Wilkie Edge from CapitaLand Commercial Trust (CCT).

The sale is expected to be completed in September. The sale consideration is 39.3 % above Wilkie Edge’s valuation of S$201 million or S$1,301 psf as at Dec 31, and 53.3 % higher than its original purchase price of S$182.7 million in 2008.

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Verge at Little India for sale

The 6-storey shopping mall The Verge and its connecting block Chill @ The Verge are up for sale for between S$320 million and S$350 million, says real estate company JLL.

Shopping mall The Verge and its connecting block Chill @ The Verge located at the junction of Serangoon Road and Sungei Road are going up for sale, and the owners are expecting between S$320 million and S$350 million, real estate company JLL said in a news release on Tuesday (Dec 9).

The Verge comprises a 6-storey shopping mall with two basement levels while Chill @ The Verge is an 8-storey building made up of two levels of retail units and a 6-storey car park. The former is located on a “white” site, which means a variety of alternative uses can be considered.

“The Verge is the only commercial value-add opportunity currently on the market for sale. Timing is optimum for an asset refurbishment or re-positioning of The Verge and any works will coincide with the completion of significant infrastructure in the surrounding area in the near future,” said JLL Regional Director of Investments Anthony Barr.

JLL also said the shopping mall is expected to draw on the large local catchment of tourists, residents and office crowd upon completion of two new MRT stations – Rochor and Jalan Besar – which form part of the Downtown Line.

Submissions for the two properties are due on Jan 27, 2015, at 3pm, JLL said.

http://www.channelnewsasia.com/news/business/singapore/little-india-shopping/1519416.html

Restoring Singapore Shophouses: A glimpse

An interesting video of URA’s efforts to conserve two historic sites in Singapore” Kampong Glam and Little India

 

Conservation properties for sale in D7 and D8

in today’s local media news, it was reported that a hotel, comprising three shophouses along Jalan Klapa, off Victoria Street in the Kampong Glam Conservation Area has been put up for sale with an indicative pricing of $17-18 million. Located at 9, 11 and 15 Jalan Klapa, the shophouses are on total land area of 4,275 sq ft; the site has a balance lease term of about 92 years. The gross floor area is estimated at 7,911 sq ft. The site is zoned for commercial use but is permanently approved for hotel use. The shophouses have 15 themed rooms (with an average size of around 215 sq ft), spanning across two storeys and a mezzanine level, a cafe lounge and a small pool. The indicative pricing translates to a net yield of around 2-3 per cent, based on the current income stream from rooms as well as food and beverage operations.