Thong Sia Building off Orchard Road up for sale

SINGAPORE — Thong Sia Building, a 26-storey residential and commercial building off Orchard Road, was put up for sale yesterday, with the owners expecting offers of between S$400 million and S$420 million.

The building, located along Bideford Road near The Paragon shopping mall, sits on a freehold site with a land area of around 21,602 sq ft. It comprises seven levels of commercial space and a 19-storey residential tower of 37 apartments, said Jones Lang LaSalle (JLL), which is marketing the property.

JLL said the asking price works out to S$2,559 to S$2,687 per square foot (psf). If the Government allows the sale of an adjoining road that only serves Thong Sia Building, the price falls to S$2,414 to S$2,532 psf. More than 80 per cent of the owners of Thong Sia Building — measured both by share value as well as strata floor area — have approved the collective sale, JLL added.

The building has a gross floor area of around 156,300 sq ft, which translates to a gross plot ratio (GPR) of about 7.236. This is above the designated GPR of 4.9 plus under the Urban Redevelopment Authority’s 2014 Master Plan.

Mr Karamjit Singh, international director at JLL, said there are not many freehold, non-residential properties in Orchard Road that are potentially available for sale in the market.

He added that in the past 10 years, only three such properties have changed hands — The Grand Park Orchard building, formerly known as Crown Prince Hotel, Pacific Plaza and 268 Orchard Road.

Buyers of Thong Sia Building could convert part of the commercial space to medical suites to capitalise on the site’s proximity to Mount Elizabeth Hospital, Mr Singh said. They could also consider converting the residences to serviced apartments, he added.

“With 100 per cent control over the asset, the purchaser is also free to change the name of the building, which is great for branding purposes,” he said.

The tender exercise closes on Jan 28. Channel NewsAsia