Yahoo Finance Sin Ming Centre sold to Apex Asia Development for $49 mil
Sin Ming Centre is a four-storey mixed-use development, comprising five commercial shops on the first storey and 22 residential units on the upper floors. (Picture: OrangeTee & Tie)
Local real estate agency OrangeTee & Tie has brokered the sale of Sin Ming Centre to Apex Asia Development in a private treaty deal. The freehold mixed-use development, on Sin Ming Road in District 20, was sold on April 3 to the Singapore-based real estate development firm for $49 million.
The sale of Sin Ming Centre also marks the first successful sale of a mixed-use development this year. The transaction was brokered by a team of agents at OrangeTee & Tie specialising in the transaction of land, commercial and industrial assets.
Sin Ming Centre is a four-storey mixed-use development, comprising five commercial shops on the first storey and 22 residential units on the upper floors. The property sits on a 15,432 sq ft plot and has a gross floor area of 46,257 sq ft. The building was completed in 1998, and the commercial shops and residential units are fully leased. The property is close to numerous amenities and dining establishments along Upper Thomson Road, and it is close to Thomson Plaza shopping mall.
Read also: Thomson View Condominium up for collective sale at $918 million
This area also boasts excellent transport connectivity from two nearby MRT stations - Upper Thomson on the Thomson-East Coast Line and Marymount on the Circle Line, which are 280m and 950m away from Sin Ming Centre, repsectively. The area is also served by major roads and expressways like Upper Thomson Road, the Pan Island Expressway, and the Central Expressway.
Apex Asia Development is helmed by its chairman, Li Jun, who previously served as executive chairman of Qingjian Realty (South Pacific) Group. In that role, he oversaw landmark projects such as the collective sale of the former Shunfu Ville and subsequent redevelopment of the site as JadeScape.
Apex Asia Development is an independent developer in Singapore. It led a consortium of investors to acquire Noel Building at 50 Playfair for $81.18 million, with plans to redevelop the site into a new food factory.
“Sin Ming Centre's sale marks a pivotal moment for Apex Asia Development's strategic growth plan. As we continue to expand our footprint in Singapore's property market, our vision is to redefine urban living through innovative mixed-use developments,” says Li.
He adds that the developer will redevelop Sin Ming Centre into a new mixed-use development featuring commercial shops on the first floor and residential apartments on the upper floors.
Check out the latest listings for Sin Ming Centre properties
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