SINGAPORE - Freehold commercial and residential property Thong Sia Building in Orchard is up for sale by tender.
This is the first time the entire 26-storey building, which sits directly opposite Paragon, has been put up for sale, said sole marketing agent, Jones Lang LaSalle Property Consultants (JLL) on Wednesday.
More than 80 per cent of the owners, measured both by share value as well as strata floor area, agreed to the collective sale of the 33-year-old building.
Thong Sia Building has a land area of about 21,602 sq ft, with seven levels of commercial space and a 19-level residential tower of 37 apartments.
Urban Redevelopment Authority (URA) has verified the existing gross floor area (GFA) to be about 156,300 sq ft.
The vendors are expecting offers of between $400 million and $420 million, which translate to about $2,559 to $2,687 per sq ft (psf) over the existing GFA.
JLL noted that if the Government allows the sale of an adjoining road that serves only Thong Sia Building, the purchaser's costs could go down to $2,414 to $2,532 psf.
Mr Karamjit Singh, international director at JLL, said in a statement: "Singapore's Orchard Road is world renowned, and in the top league alongside London's Bond Street, Paris' Champ Elysees and Tokyo's Ginza. Property ownership in this district, especially freehold, is a matter of great prestige, privilege and value."
The tender exercise for Thong Sia Building closes at 2.30pm on Jan 28.