[B][SIZE=5]Mall in Little India offered for sale at S$320-350 million[/SIZE][/B]

By Mindy Tan

[email][email protected][/email]@MindyTanBT

10 Dec

THE Verge and Chill @ The Verge, a mall located in Little India, are being offered for sale with an indicative price of S$320 million to S$350 million.

The Verge comprises a six-storey mall with two basement levels. Chill @ The Verge comprises an eight-storey building with two storeys of retail units on levels 1 and 2 and a 6-storey car park with 395 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.

Extensive addition and alteration works were carried out in The Verge in 2009.

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."

In recent years, substantial road widening and reinstatement works have been undertaken on Sungei Road, which is the main road in front of the mall. These are scheduled to be finished in early 2015. In addition, transport links to the property are expected to 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.

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, said JLL in a statement released on Tuesday.

The property will be sold by Expressions of Interest; submissions are due on Jan 27, 2015 (Friday) at 3pm. JLL has been exclusively appointed to offer the sale.

The Verge was opened as Tekka Mall in 2003 and owned by DRB-Hicom's Corwin Holdings, but it ran into problems attracting shoppers. It was relaunched as The Verge by Knight Frank in 2009, with the goal to reposition it as an IT, lifestyle, and F&B hub.