Thong Sia Building sold for $380m in Singapore’s largest ever mixed-use collective sale
It was sold to a private investment group.
Thong Sia Building, a 26-storey mixed building located along Bideford Road, will be sold to a private investment group for $380m.
The deal reflects a price of $2,430 psf over the existing gross floor area for the freehold building. According to JLL, who brokered the sale, this is the largest mixed-use collective sale in Singapore.
The building currently comprises seven levels of commercial space and a 19-level residential tower of 37 apartments.
“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. 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,” said Karamjit Singh, International Director, JLL
It was sold to a member of SIN Capital Group, a private investment group in Asia. The sale is subject to approval by the Strata Titles Board before it can be completed.