It has been recently confirmed that one of Sin Capital Group’s members has closed on a deal to purchase the 26 storey Thong Sia building situated at Bideford Road, just across from The Paragon. Sin Capital Group is an Asian private investment group.
So far this year, this will be Singapore’s first collective purchase, as well as the biggest collective sale of a mixed use property for The Criterion EC.
As reported by The Business Times, this freehold building’s purchase price was $380 million, a figure that equates to $2,430 per square foot above its existing gross floor area. This sale price makes it the 2nd biggest collective sale over the past 7 years, after the fully commercial development known as Serangoon Plaza was sold in 2013 for $400 million.
The Criterion EC Building
Sin Capital Group was contacted but was unable to share any further information regarding the plans for redevelopment for this site as yet. However, they did share that they did not intend to change the site’s use and may opt to keep its existing structure, rather than demolishing it.
The redevelopment of this site into a mixed use commercial and residential project is being supported by the planning authority. At least 60% of the area has been earmarked for serviced or residential flats. From a zoning point of view, serviced flats fall under the category of residential such as The Criterion EC.