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News Release

Singapore

Thong Sia Building sold for $380 million in the largest ever mixed use collective sale  in Singapore

JLL brokers sale to private investment group


Singapore, 29 July 2015 – On 28 July 2015, an agreement was entered into for the sale of Thong Sia Building, a 26-storey building located along Bideford Road, directly opposite The Paragon, to a member of SIN Capital Group – a private investment group in Asia.

The sale, which was brokered by JLL, makes Thong Sia Building the first collective sale this year and the largest ever mixed use collective sale in Singapore.

At the purchase price of $380 million, it reflects $2,430 psf over the existing gross floor area for the freehold building.

Thong Sia Building, built in 1981, has a land area of approximately 21,602 square feet, and currently comprises seven levels of commercial space and a 19-level residential tower of 37 apartments. Urban Redevelopment Authority (URA) has verified the existing Gross Floor Area (GFA) of the building to be in the region of 156,300 square feet, reflecting an equivalent GPR of about 7.23.

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," says Mr Karamjit Singh, International Director, JLL, who represented the owners.

"The sale of Thong Sia Building at $380 million makes it 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," according to Mr Singh. Serangoon Plaza, a fully commercial development, was sold for $400 million in 2013. Mr Singh continued: "While en bloc sales tend to take place when the market is on the uptrend, which is not the case now in particular for the residential market, there would still be takers for attractive and well-priced assets such as Thong Sia Building."

The sale is subject to, among other things, approval by the Strata Titles Board, before completion of the sale will occur.

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Note to Editors:

  1. A high-resolution image of Thong Sia Building is available here.​​​