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News Release

Singapore

Retail mall at Serangoon Road up for sale

The Verge is the only commercial value-add opportunity currently on the market


SINGAPORE, 9 December 2014 – JLL is pleased to announce that it has been exclusively appointed to offer for sale via an Expressions of Interest campaign, The Verge and Chill @ The Verge, a retail mall prominently located at the entrance to the Little India district. The owners are expecting offers in the region of $320 million to $350 million.

The Verge comprises a 6-storey shopping mall with two basement levels. Extensive addition and alteration works were carried out in 2009. Chill @ The Verge comprises an 8-storey building with 2-storeys of retail units on levels 1 and 2 and a 6-storey car park with 395 car park lots and four coach bays. 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, anchored by supermarket Sheng Siong, with an overall occupancy rate above 80 per cent.

Located at the junction of Serangoon Road and Sungei Road, The Verge benefits from prominent road frontages to two major thoroughfares, drawing on the large local catchment of tourists, residents and local office crowd. It also enjoys excellent connectivity via the numerous bus routes along Sungei Road and Serangoon Road and via its proximity to the Little India MRT station. Transport links to the property will further improve with the completion of two new MRT stations, Rochor and Jalan Besar, which form part of the Downtown Line. These stations are due to open in 2016 and 2017 respectively. The Rochor MRT station will also have an underground "pop up" entrance / exit located at the entrance to Chill @ The Verge, giving immediate access to the site to commuters.

In recent years, substantial road widening and reinstatement works have been undertaken on Sungei Road – the main road in front of the mall. These are scheduled to finalise in early 2015 and once completed, there will be improved access to the site. There will be a public green space in front of the mall which will improve the amenities in the area and attract shoppers and tenants alike.

Anthony Barr, Regional Director of Investments at JLL said: "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."

The Verge is located on a 'white' site which means a variety of alternative uses could be considered. Recent feedback has indicated that serviced apartments and offices could be considered. Partial conversion to these uses and enhancement works could substantially maximise the property's income potential and capital value.

Added Mr Barr: "The Verge represents a prime opportunity for investors to unlock value and realise the potential of what is a prominent and well-located asset."

The subject property will be sold by Expressions of Interest; submissions are due on 27 January 2015 (Friday) at 3pm.


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Note to editors:

Download a high-resolution image of The Verge here.