The mixed-use development Thong Sia Building was sold to a member of private investment group SIN Capital for S$380 million, JLL declared in a press release on Wednesday (29 July).
This really is the first collective deal for the year and is the largest mixed-use collective sale ever recorded in the republic.
According to JLL, the sale of the freehold Thong Sia Building is the second greatest collective sale during the past seven years, after Serangoon Plaza, plus the largest ever mixed-use collective sale in Singapore. The completely-commercial development.
Constructed in 1981, the 26-storey residential and commercial use Thong Sia Building has a land area of approximately 21,602 sq ft, and now comprises seven levels of commercial space and a 19-level residential tower of 37 flats. Predicated on the GFA, the purchase price interprets to S$2,430 per sq ft.
Karamjit Singh, International Director at JLL said: “In response to an outline application, the planning authority has advised that they are ready to support the redevelopment of the site into a mixed residential as well as commercial development with at least 60 per cent of the space set aside for residential or serviced apartments.”
It’s noted the sale is subject to, amongst others, approval by the Strata Titles Board, before the conclusion of deal will occur.