Isetan could pay dearly for dragging its heels on sale of Wisma Atria space

ISETAN Singapore, controlled by Japan's largest department store chain Isetan Mitsukoshi, surely took its own sweet time.

The Singapore-listed retailer, hard hit by slipping sales and less footfall traffic owing to the Covid-19 pandemic, called for a trading halt last Friday and subsequently said it was exploring options on its investment property at Wisma Atria. Isetan also said that it may appoint property agents and valuers to assist in "commencing exploratory discussions on the matter with third parties".

On Monday, investors popped the sparkling sake on the long-awaited news and chased the stock all the way to S$4.72 or 35 per cent higher within minutes of its trading resumption. The counter eventually settled at S$4.20 - 20 per cent or 70 Singapore cents up at the day's close.