SINGAPORE - Retail mall The Verge and the neighbouring building Chill @ The Verge, in Little India, are up for sale.
The owners are expecting offers of between $320 million and $350 million, consultancy JLL said in a statement on Tuesday.
The Verge is a six-storey shopping mall with two basement levels. Extensive additions and alteration works were completed in 2009.
Chill @ The Verge is an eight-storey building with two floors of retail units on levels one and two. It also has a six-storey car park with 395 car park lots and four coach bays.
The two properties are connected by link bridges at levels two, five and six.
Together, they have 238,527 sq ft of retail gross floor area, anchored by supermarket Sheng Siong, and an overall occupancy rate of more than 80 per cent.
The buildings are also near Little India MRT station, and two new Downtown Line stations will open in the areas in the next few years - Rochor in 2016 and Jalan Besar in 2017.
Rochor MRT station will have an underground exit to Chill @ The Verge, which enhances its convenience.
More road works are also being done on Sungei Road, the main road in front of the mall, slated for completion in early 2015 - and will improve accessibility.
Mr Anthony Barr, JLL's regional director of investments, 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 project will be sold by expressions of interest, and submissions are due by Jan 27.