Aedge acquires corner terraced property on Westerhout Road for $7.5 mil
The purchase signals developer confidence in scarce District 14 freehold commercial assets and could encourage redevelopment or asset enhancement near Paya Lebar and Geylang.
Aedge Group acquired the 3,201 sq ft freehold corner terraced property at 2 Westerhout Road for $7.5 million, its first commercial asset.
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Aedge Group, through its wholly-owned subsidiary IPF Investments, has acquired a freehold corner terraced property located at 2 Westerhout Road in the Geylang-Eunos precinct. It was purchased for $7.5 million, the Singapore-listed group said in an Oct 12 bourse filing.
The acquisition is part of its growth strategy to diversify revenue and enhance shareholder value through its investment properties division, the group added. Aedge also provides engineering, transportation, security and manpower services.
The Westerhout Road property occupies 297.4 sq m (3,201 sq ft) of land in District 14 that is zoned for “Commercial / Institution” use, according to URA Space, the land authority’s web-based map service.
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“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,” said Poh Soon Keng, Aedge’s executive chairman and CEO.
Poh added that the site offers longer-term redevelopment and asset-enhancement potential, given its proximity to the Paya Lebar commercial hub and the ongoing transformation of the Geylang corridor.
The deal represents Aedge’s fourth property acquisition, and its first commercial asset.
In October 2023, Aedge completed the acquisition of 9 Tuas South Street 11 for $9 million. Now known as Amethyst House, the property comprises a detached factory, workshops and a 299-bed secondary workers’ dormitory (SWD), according to the company’s website.
In 2024, Aedge purchased 4 Tuas South Street (now Beryl House) for $8.5 million. The site comprises a four-storey detached warehouse with ramp-up access and a 408-bed SWD.
Earlier this year, the group completed the acquisition of 219 Kallang Bahru (Carnelian House), an eight-storey industrial building, for $13.99 million.