CapitaLand Group has been identified as the possible buyer.

The majority (about 308) of the rooms at this hotel freehold are around 12 square metres.

The 16-storey construction has a total floor area of 94.600 square feet. Even though the property’s growth potential has already been maximized, the addition of hotel rooms on the fourth level could add significant value.

The Lian Beng-Apricot JV bought the asset from CapitaLand Commercial Trust in 2017 for S$280m. The JV was said to have made some minor improvements to the asset.

Apricot Capital is owned by the Teos, the founding family of Super Group, a three-in-1 coffee empire.

Keppel Capital, a joint venture between Lian Beng Group (JV), and Apricot Capital (AVC), has entered into an agreement to sell Wilkie’s Edge office and retail spaces in Selegie.

The Business Times is of the opinion that this price is in the vicinity of S$350m, which would translate to S$2,200+ per square foot on a floor area of approximately 154.500sqft, mostly office space.

Wilkie is on an 81 year old site. The term ends Feb 20, 2005.

Newport Residences

Keppel Capital (the asset management arm Keppel Corporation) is expected take on the lease’s existing rights and obligations, much like what Lian Beng/Apricot did six years ago when they purchased Wilkie Edge.

Wilkie’s retail and office space is almost entirely occupied. Kaplan and Stone Forest have been major tenants.

Citadines Mount Sophia is located on Wilkie Road, at the corner with Selegie. This 12-storey complex includes not only office and retail spaces owned by Lian Beng-Apricot JV, but also 154 apartment units.

CapitaLand Ascott Trust currently leases the serviced apartment/hotel for the balance (less a single day) of the site’s lease.

According to the market, the price Keppel Capital pays equates to a yield net of approximately 3 percent. Observers believe that the incoming owners will take steps to improve the asset.

CapitaLand acquired Wilkie Edge from CCT in 2008. CCT merged CapitaLand Mall Trust with CapitaLand Integrated Commercial Trust (CIT) in 2020.

Separately, Gaw Capital Partners Hotel G Singapore on Middle Road/Bencoolen Street is being sold for S$235m.

CBRE reportedly arranged for the sale of Wilkie Edge’s offices and retail space via private treaty.

CapitaLand built Wilkie Edge in the old Selegie Complex. Selegie Complex formerly belonged to the portfolio of Pidemco Land which, in 2000, was merged with DBS Land by CapitaLand.