Da Vinci Building sold for $58M

SIM Lian Holdings Pte Ltd has bought the Da Vinci building at 191 Upper Bukit Timah Road for S$58 million.

The seller, a unit of high-end furniture retailer Da Vinci Holdings Pte Ltd, will be vacating the property, which it has been using as its showroom.

When contacted by The Business Times, Ken Kuik, managing director of Sim Lian Holdings, said: “For now, this will be an investment property. We’re going to lease out the building after the seller moves out.”

Sim Lian Holdings, a privately owned vehicle of the Kuik family, holds a majority stake in mainboard-listed Sim Lian Group.

The sale of Da Vinci building was brokered by ERA Legends Division, a member of Prime Group.

The Da Vinci building is right next to Sim Lian Holdings’ headquarters building. Both properties are on freehold sites and have fully tapped the 1.4 plot ratio allowed for the sites, which are zoned for commercial use under Urban Redevelopment Authority’s Master Plan 2014.

“In the long term we could amalgamate the two sites and redevelop the combined land,” reckons Mr Kuik.

Da Vinci building has a land area of 21,415 sq ft and gross floor area (GFA) of nearly 30,000 sq ft.

The building has four storeys, an attic and a basement (housing 12 car park lots)

Sim Lian’s HQ building next door has GFA of about 52,000 sq ft. The company and its listed vehicle occupy the upper levels of the four-storey building. The ground floor is leased to furniture, electronics and IT retailer Courts.

Da Vinci is understood to have signed a lease for about 9,000 sq ft of retail space at Thong Sia Building at Bideford Road, off Orchard Road.

– See more at: http://business.asiaone.com/news/da-vinci-building-upper-bukit-timah-sold-s58m#sthash.H5rMFWPu.dpuf

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