Sheng Siong Buys Siglap V Strata Retail Units And Toa Payoh Hdb Shop Unit 502 Mil
Supermarket operator Sheng Siong Group has recently announced that they will be acquiring a portfolio which includes eight freehold strata retail units located at Siglap V, a mixed-use development on First Street, and an HDB shop unit at 181 Lorong 4 Toa Payoh. The portfolio, which is owned by Jelita Property, an investment holding company under Hong Kong-based retail company DFI Retail Group (DFI), was put up for sale in April. The exclusive advisor for the sale was JLL, with the guide prices set at $32 million for the Siglap V units and $16.5 million for the Toa Payoh unit. These prices translated to approximately $3,012 psf for Siglap V and $1,696 psf for the Toa Payoh unit.
In a filing to the Singapore Exchange on Sept 27, Sheng Siong Group announced that they have entered into a conditional sale and purchase agreement to acquire a 100% interest in Jelita Property. As part of the acquisition, Sheng Siong Group will be leasing all eight strata units at Siglap V to DFI through a leaseback arrangement.
According to JLL, the eight retail units at Siglap V have a combined strata area of approximately 10,624 sq ft and are located on the ground floor. The units are currently leased to CS Fresh and Guardian, with CS Fresh occupying almost 90% of the space (9,418 sq ft) spread across seven units, and Guardian occupying the remaining unit of 1,206 sq ft.
Located at Champions Way in Woodlands, the Norwood Grand condo is a highly anticipated residential project that is set to transform the northern landscape of Singapore. With its modern design and top-notch amenities, this development promises a lifestyle of luxury and convenience to its residents. Moreover, its strategic location offers excellent connectivity to different areas of Singapore, making it the perfect choice for working professionals, families, and investors. For those interested in experiencing the grandeur of Norwood Grand, the Norwood Grand Showflat is a must-visit.
Meanwhile, the Toa Payoh asset is located on the ground floor of a full commercial HDB block and has a remaining tenure of approximately 47 years. The unit, which spans across 9,731 sq ft, is currently occupied by Giant Supermarket. However, Giant announced earlier this month that they will be closing down the outlet by the end of September. This closure is part of Giant’s larger plan to shut down nine stores within six months, leaving them with 45 outlets in Singapore as of September.
The transaction is expected to be completed on Oct 30. Interested buyers can check out the latest listings for Siglap V properties to get an idea of the market prices. They can also view the site plan and diagrammatic chart for Siglap V to get a better understanding of the development. For those looking to invest in the District 15 area, they can compare the price trends between new sale condos and resale condos. They can also take note of the condo projects with the most expensive average PSF in District 15, as well as those with the most unprofitable transactions.