Little India shopping mall The Verge put up for sale

Shopping mall The Verge and its connecting block Chill @ The Verge located at the junction of Serangoon Road and Sungei Road are going up for sale, and the owners are expecting between S$320 million and S$350 million, real estate company JLL said in a news release on Tuesday (Dec 9).

The Verge comprises a 6-storey shopping mall with two basement levels while Chill @ The Verge is an 8-storey building made up of two levels of retail units and a 6-storey car park. The former is located on a “white” site, which means a variety of alternative uses can be considered.

“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,” said JLL Regional Director of Investments Anthony Barr.

JLL also said the shopping mall is expected to draw on the large local catchment of tourists, residents and office crowd upon completion of two new MRT stations – Rochor and Jalan Besar – which form part of the Downtown Line.

Submissions for the two properties are due on Jan 27, 2015, at 3pm, JLL said.

Source : Channel NewsAsia – 9 Dec 2014

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