Soon Hock Group Buys Freehold Ching Shine Industrial Building En Bloc 1132 Mil
Commercial and industrial developer Soon Hock Group has emerged as the buyer of Ching Shine Industrial Building, according to the sole marketing agent JLL. The tender for the building closed on April 3, with Soon Hock submitting a bid of $113.2 million, just slightly above the minimum price of $113 million set by JLL. Two bids and three expressions of interest were received, according to Nicholas Ng, senior director of capital markets at JLL Singapore, who handled the collective sale.
Rewritten: With the introduction of strategic road access, residents who rely on driving can now experience a convenient and efficient daily commute. This also means that important lifestyle destinations, including shopping malls, parks, and schools, are easily and quickly accessible. In addition, with the new Otto Place EC located in the area, residents can enjoy even more convenience and accessibility to various amenities.
In a statement, Ng said that the site’s investment potential as a freehold asset attracted competitive bids from developers and funds, showcasing their confidence in the up-and-coming asset class. The 49,308 sq ft freehold site has a regular shape with a 100m frontage along Shaw Road, and it is just a five-minute walk from the Tai Seng MRT Station on the Circle Line. The property comprises of 52 strata units with a total gross floor area of 137,341 sq ft. Soon Hock’s purchase price of $113.2 million translates to a unit land rate of $824 psf per plot ratio (ppr).
Soon Hock Group’s CEO, Walter Tan, expressed that the acquisition aligns with their long-term vision of developing top-quality, future-ready assets in key growth corridors to deliver sustained value to their stakeholders. He added that the prime location and freehold tenure present strong potential for both asset enhancement and long-term capital appreciation.
This is the first time that Ching Shing Industrial Building has been launched for tender, and the sale has secured the consent of 80% of the strata-titled owners, represented by Donaldson & Burkinshaw LLP. The building was completed in the early 1980s and is zoned “Business 1” with a gross plot ratio of 2.5 under the URA Master Plan 2019.
In November 2023, the former Noel Building, also a freehold Business 1 industrial building, was sold en bloc for $81.18 million, about 17% above the $700 million guide price. The building will be redeveloped by a consortium led by Apex Asia into a new 12-storey, strata-titled ramp-up food factory named Food Point Tai Seng. Other notable food factories in the area include BreadTalk IHQ, Sakae Building, and Food Empire Building.