Wilkie Edge's commercial space for sale.
CapitaLand Commercial Trust is putting retail and office space at mixed-used development Wilkie Edge in the Selegie area up for sale. The space will be sold through an expression of interest exercise closing on Jan 19.
The space up for sale includes a two-level retail block and six floors of prime-grade quality office space, with a gross floor area of about 215,000 sq ft and net lettable area of about 154,000 sq ft. Wilkie Edge, with a 99-year leasehold starting in 2006, has a high occupancy rate - close to 100 per cent as at Oct 31. Tenants include local and multinational companies.
The Straits Times understands an indicative price would be $1,900 per sq ft on the net lettable area, which translates to about $293 million. With stage three of the Downtown Line slated for completion next year, Wilkie Edge will be easily connected to the Marina Bay financial district. Investors can consider embarking on some asset enhancement initiatives either to reposition the retail component or increase the retail lettable areas.
Alternatively, subject to relevant authorities' approval, Wilkie Edge can be subdivided into strata-titled retail and office units for individual strata sale in the future.
Adapted from: The Straits Times, 20 December 2016