Sin Ming Centre sold to Apex Asia Development for $49 mil
OrangeTee & Tie is a local agency that facilitated the private treaty sale of Sin Ming Centre. The Singapore-based firm Apex Asia Development purchased the freehold mixed use development located on Sin Ming Road within District 20 on April 3.
The sale of Sin Ming Centre is also the first mixed-use development to be sold successfully this year. OrangeTee & Tie agents who specialise in the sale of commercial, industrial and land assets mediated this transaction.
Sin Ming Centre has a four-storey, mixed-use building with five commercial shops and 22 residential apartments on the top floors. The property has a 46,257-square-foot gross floor area and is situated on a 15,432-square foot plot. The building, which was completed in the year 1998, has commercial and residential units that are all fully leased. The property is near many dining establishments and amenities along Upper Thomson Road. It’s also close to Thomson Plaza Shopping Mall.
The area is also well-connected by two MRT Stations – Upper Thomson along the Thomson-East Coast Line (280m) and Marymount along the Circle Line (950m), respectively. Both are only 280m & 950m from Sin Ming Centre. Major roads and expressways such as Upper Thomson Road, Pan Island Expressway and Central Expressway serve the area.
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Li Jun, the chairman of Apex Asia Development, was previously the executive chairman of Qingjian Realty Group. He oversaw projects like the collective sale Shunfu Ville, and the subsequent redevelopment as JadeScape.
Apex Asia Development (AAD) is an independent Singaporean developer. It led an investor consortium to purchase Noel Building, located at 50 Playfair Street for $81.18 Million. Plans were to convert the site into a brand new food factory.
The sale of Sin Ming Centre is a key moment in Apex Asia Development’s strategy for growth. Our vision is to redefine the urban lifestyle through mixed-use developments as we continue to expand in Singapore’s market.
He also says that developer will transform Sin Ming Centre to a new development with residential apartments and commercial shops located on the upper levels.
