Boustead Projects has bought a freehold mixed-used property development along 28 and 30 Bideford Road for S$515 million.
The 18-storey property has a valuation of S$550 million according to a Savills report on 20 June 2022. It is extremely rare for a commercial freehold property to be sold under valuation by more than S$30 million.
This Bideford Road property obtained temporary occupation permit (TOP) in early 2020 and it was put up for sale in December 2021 at S$600 million by the marketing agents Colliers and Knight Frank.
It is zoned for commercial and residential use with a gross plot ratio of 4.9, under the URA Master Plan 2019.
30 Bideford Road is formerly known as Thong Sia Building. It is only 5 minutes walk from The Paragon, Ngee Ann City and Mandarin Gallery and the nearest MRT is Somerset..
The new building is designed by Japanese architectural firm Nikken Sekkei. After a major overhaul, it consists of 168 serviced residences, as well as around 54,512 square feet (sq ft) of office, retail and medical space spanning 5 storeys. It has a land size of 21,602 sq ft.
Singapore-based private equity firm SIN Capital bought Thong Sia Building for S$380 million in a collective sale in 2015. Hence, they reap a profit of approximately S$135 million within seven years from this sale to Boustead Projects.
Boustead Projects is confident that the acquisition of 30 Bideford Road will benefit the group’s real estate business, enable the company to expand and diversify its property portfolio, as well as increase its income streams through rental.