Isetan explores options for property investment at Wisma Atria

Singapore

JAPANESE department store operator Isetan (Singapore) announced on Friday that it is currently "exploring its options" regarding its strata area at Wisma Atria building along Orchard Road.

It added that it may be appointing property agents and valuers to assist the company, and to commence exploratory discussions with third parties.

However, shareholders and potential investors should note that all options regarding Isetan Wisma Atria are being evaluated, and no definitive decision or agreement has been made.

The company will make the necessary announcement if there are developments that will materially affect the company's shares.

It reminded shareholders and potential investors to exercise caution when dealing or trading in its shares.

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YTL Starhill Global Reit (SGReit) Management had in 2019 issued a letter of intent to Isetan to open talks on acquiring the Japanese firm's share in Wisma Atria.

But the pair subsequently announced that no decision was made.

SGReit owns about 74 per cent of the Wisma Atria property's total share value of strata lots, with the remaining owned by Isetan Singapore.

Separately, Isetan had in November 2020 said in a regulatory update that it expects the ongoing Covid-19 pandemic to have a negative impact on its financial performance, given that the retail environment remains "very challenging".

Isetan on Friday called for a trading halt at 3.20pm, before the announcement.

Shares ended at S$3.50, up S$0.30 or 9.4 per cent.