The mixed-use development Thong Sia Building has been sold to a member of private investment group SIN Capital for S$380 million, JLL announced in a press release on Wednesday (29 July).
This is the first collective sale 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 largest collective sale over the last seven years, after Serangoon Plaza, as well as the largest ever mixed-use collective sale in Singapore. The fully-commercial development Serangoon Plaza was sold for S$400 million in 2013.
Built in 1981, the 26-storey residential and commercial use Thong Sia Building has a land area of approximately 21,602 sq ft, and currently comprises seven levels of commercial space and a 19-level residential tower of 37 apartments. Based on the GFA, the purchase price translates to S$2,430 per sq ft.
In addition, JLL said the Urban Redevelopment Authority (URA) has verified the existing gross floor ara (GFA) of the building to be in the region of 156,300 sq ft, reflecting an equivalent gross plot ratio of about 7.23.
Karamjit Singh, International Director at JLL said: “In response to an outline application, the planning authority has advised that they are prepared to support the redevelopment of the site into a mixed residential and commercial development with at least 60 per cent of the space set aside for residential or serviced apartments.”
It is noted that the sale is subject to, among others, approval by the Strata Titles Board, before the completion of sale will occur.
Image: Thong Sia Building. (Source: JLL)