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Little India shopping mall The Verge (pictured), and the connecting block Chill @ The Verge are going up for sale by expression of interest (EOI), exclusive marketing agent JLL announced Tuesday (9 December).
The owners are expecting offers in the region of S$320 million to S$350 million.
Located at the junction of Serangoon Road and Sungei Road, The Verge comprises a 6-storey shopping mall with two basement levels, while Chill @ The Verge comprises 8-storey building with two storeys of retail units on the first and second level, and a 6-storey car park. The two properties are connected by link bridges at levels 2, 5 and 6 and provide 238,527 sq ft of retail gross floor area with an overall occupancy rate above 80 per cent.
“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 Anthony Barr, Regional Director of Investments at JLL, adding that the The Verge is located on a ‘white’ site which means a variety of alternative uses can be considered.
JLL expects the property to draw on the large local catchment of tourists, residents and local office crowd with the numerous bus routes along Sungei Road and Serangoon Road, its proximity to the Little India MRT station, and upon the completion of two new MRT stations on the Downtown Line namely Rochor and Jalan Besar.
The EOI submissions are due on 27 January 2015.
Image source: JLL
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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