The 12 storey Wilkie Edge was sold by CapitaLand Commercial Trust (CCT) to Lian Beng in 2017.
The commercial property was acquired by CCT in 2008 at $182.7 million and CCT rebuilt it and integrate office cum retail cum serviced apartments and top up the lease to 99 years leasehold and it will expire now on the 20/2/2105.
Prior before the sale, CCT achieved a 99% occupancy and gross rental return of 3.39% when they sold to Lian Beng in 2017 at $1,812 psf based on net lettable area of 152, 528 sq ft, $280 million.
Next to Parklane, was formerly known as Paradiz Centre and it was sold to Lendlease and Silverpeak Real Estate Partners which refurbished and rebranded it to PoMo in 2006.
Subsequently, it was again sold in 2011 to CLSA Capital Partners for $255 million.
And it was again sold to BS Capital and Enviro-Hub for $336 million in 2013. And sold again to Gaw Capital Partners in 2017 for $342 million, at $1879 psf for a net lettable area of 182,000 sq ft with a site area of 43,027 sq ft.
Parklane is leasehold from 01/12/1974 and is potential as a total commercial site is attractive to institutions and foreign investors.
Following the steps of PoMo and Wilkie Edge, Parklane owners can eventually come together to sell collectively and this site of 36,636 sq ft can also be creatively sold to transform the building according to the market demand for more offices or for hotel redevelopment subject to the government authority’s approval.
Invest in Parklane now to take advantage of the transformation that is taking place in this cultural and arts precinct Bras Basah/Bugis of the city.
We have 452, 549, 624, 764 sq ft office for sale from $650k and various retail shop units for your consideration.