Wilkie Edge's commercial space for sale
PUBLISHED ONDecember 20, 2016 9:00 AMByRachael Boon
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.
Cushman & Wakefield has been appointed as the exclusive marketing agent, the real estate services firm said yesterday .
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.
Mr Shaun Poh, Cushman & Wakefield's capital markets executive director, said in a statement: "Wilkie Edge is probably the only prime commercial building in the vicinity with excellent building specifications...
"This offers a good investment opportunity with an immediate stream of rental income."
He added that with stage three of the Downtown Line slated for completion next year, Wilkie Edge will be easily connected to the Marina Bay financial district.
The firm cited a "strong inflow of liquidity seeking commercial assets in the central business district with several transactions registering record high prices", a trend which could benefit Wilkie Edge.
Mr Poh said: "Investors can also 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."
rachaelb@sph.com.sg
This article was first published on Dec 20, 2016.
Get a copy of The Straits Times or go to straitstimes.com for more stories.