Bideford Hills Along Bideford Road Near The Paragon shopping mall
On 28 July 2015, an arrangement 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 biggest ever mixed use collective sale in Singapore.
In the cost of $380 million, it reflects $2,430 psf over the present gross floor area for the freehold building.
Thong Sia Building, constructed in 1981, has a land area of about 21,602 square feet, and now contains seven levels of commercial space and a 19-level residential tower of 37 apartments. Urban Redevelopment Authority (URA) has confirmed the present Gross Floor Area (GFA) of the construction to be in the area of 156,300 square feet, representing an equivalent GPR of roughly 7.23.
In response to an Outline Application, the planning authority has suggested that they’re ready to encourage the redevelopment of the website into a mixed residential and business development with at least 60 percent of the space set aside for residential or serviced apartments,” says Mr Karamjit Singh, International Director, JLL, who represented the owners.
“The purchase of Thong Sia Building at $380 million makes it the second largest collective sale throughout the last seven decades, following Serangoon Plaza, in addition to the biggest ever mixed-use collective sale in Singapore,” according to Mr Singh. Mr Singh continued: “While en bloc sales tend to occur once the industry is on the uptrend, which isn’t true now specifically for the residential market, there could still be takers for appealing and well-priced assets like Thong Sia Building.”
The sale is subject to, among other things, acceptance by the Strata Titles Board, before completion of the purchase will happen.
Bideford Hills – Project Details
Development Fact Sheet
SIN Capital Group
30 Bideford Road, Singapore 229922
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
approximately 21,602 square feet
Gross Floor Area (GFA)
156,300 square feet, GPR of about 7.23
About Developer of Bideford Hills
At a time of exceptional opportunity as fundamental demographic trends and technological innovation shape Asia, companies in the area face the twin challenges of handling rapid market change and economic transition.
SIN Capital’s concentrated and platform-based approach to investing in core businesses across Asia is highly related to our partners — international institutions and Asian companies alike.
Nearby Developments Around Bideford Hills
As Bideford road is at the centre of Orchard, wide variety of shopping malls are around the region.
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