A member of SIN Capital Group has entered into an agreement to purchase Thong Sia Building, a mixed-development along Bideford Road, for $380 million or $2,430 psf on July 28, 2015. This is the first collective sale of the year and the largest of its kind.
Thong Sia Building comprises seven levels of commercial space and a 19-storey residential tower of 37 apartments. It has a land area of 21,600 sq ft and a plot ratio of 7.236. New development to be built on the site will be allowed to retain its gross floor area of 156,300 sq ft, 60 per cent of which must to be set aside for residential or serviced apartments.
Mr Karamjit Singh, International Director, JLL noted, “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.”