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Isetan (Singapore) employed a marketing agent to gather expressions of interest from late July 2021, however, the exercise has since “run its course”; Isetan will continue exploring possibilities. Source: Google Maps
Isetan (Singapore) announced that it has not attracted enough interest from investors to acquire its space at Wisma Atria shopping mall on Orchard Road.
The department store’s marketing agent began the process of gathering expressions of interest from target investors in late July, but the exercise has “run its course without yielding a positive outcome for the matter to proceed at this juncture”.
Isetan said it will continue to explore all options that could lead to a better yield for the property, including possible future sales.
In January, the company had announced that it was exploring its options regarding its investment property at Wisma Atria. It appointed Savills Singapore as its marketing agent in June to assess interest for the property and commence exploratory discussions with third parties.
Separately, the manager of Starhill Global Real Estate Investment Trust (Starhill Global REIT) said it “remains open to continue working with Isetan on improving Wisma Atria and explore acquisition opportunities when the macro environment stabilises, on terms that are in line with the manager’s acquisition criteria”.
With this, it advised unitholders of Starhill Global REIT to exercise caution when dealing with Starhill Global REIT units.
The manager assured that it will make the appropriate announcement if there are any material developments.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
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