Thong Sia Building located opposite The Paragon in the Orchard Road shopping belt has been sold to SIN Capital Group for S$380 million, marketing agent JLL said in a news release on Wednesday (Jul 29).
This works out to S$2,430 psf over the existing gross floor area for the freehold building. The 26-storey building was built in 1981 and has a land area of about 21,602 sq ft. It currently comprises seven levels of commercial space and a 19-level residential tower of 37 apartments.
JLL’s International Director Karamjit Singh, who brokered the deal, said “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”.
He added that this is the first collective sale this year and the largest ever mixed use collective sale in Singapore. The completion of the sale is subject to the approval by the Strata Titles Board.
Source : Channel NewsAsia – 29 Jul 2015