Aedge Group Limited has completed the acquisition of a freehold commercial property at 2 Westerhout Road, Singapore, for S$7.5m. This marks the company’s first venture into commercial real estate, expanding its portfolio beyond industrial assets. The property, located in the Geylang/Eunos precinct, offers a land area of approximately 297.4 square metres.
The acquisition aligns with Aedge’s strategy to diversify revenue streams and enhance shareholder value through its investment properties division. As a freehold asset, the property is not subject to lease decay, ensuring long-term capital value. Its corner-plot configuration provides potential for redevelopment and asset enhancement, subject to necessary approvals. The purchase was financed through a mix of internal resources and bank borrowings.
Executive Chairman and CEO of Aedge, Poh Soon Keng, stated, “2 Westerhout Road is our first commercial property, broadening our investment properties portfolio beyond industrial assets. Freehold commercial properties of this kind are rare, and we believe the purchase price represents an attractive entry point relative to recent comparable freehold transactions in District 14.”
The strategic location of the property, near the Paya Lebar commercial hub, offers potential for future value enhancement, including redevelopment opportunities. Concurrently, Aedge is advancing plans to repurpose another property at 219 Kallang Bahru to meet the Group’s evolving needs.
This acquisition underscores Aedge’s commitment to actively growing and managing its property portfolio, positioning itself for future growth in the real estate sector.
