SINGAPORE - The mixed-use commercial and residential building Wilkie Edge, near Little India, is being sold for S$280 million.
Lian Beng Group and Apricot Capital, the private investment firm of Super Group's Teo family, have agreed to acquire Wilkie Edge from CapitaLand Commercial Trust (CCT).
This works out to a price of S$1,812 per square foot (psf) based on the building's net lettable area, and a price of S$1,299 psf based on gross floor area.
The sale is expected to be completed in September, CCT said in a bourse filing on Monday (July 3).
Lian Beng and Apricot are making their purchase via their 50:50 joint venture company, Lian Beng (8).
The sale consideration is 39.3 per cent above Wilkie Edge's valuation of S$201 million or S$1,301 psf as at Dec 31, and 53.3 per cent higher than its original purchase price of S$182.7 million in 2008.
CCT said it expects to recognise an estimated net gain of about S$76 million over the Dec 31, 2016, valuation.
Located at the junction of Wilkie Road and Selegie Road, Wilkie Edge is a leasehold 12-storey development comprising office and retail units as well as a serviced residence, Citadines Mount Sophia Singapore. It has 88 years left on the lease.