30 Bideford Road Up For Grabs For S$600 million
SINGAPORE – Marketing agents Colliers and Knight Frank announced that 30 Bideford Road, a newly built high-end mixed-use project with office space, has been launched for sale with a guide price of S$600 million, reported The Business Times on Thursday afternoon (23 December, SGT).
Sited on a 21,602 sq ft freehold plot in the heart of Singapore’s shopping district, the 18-storey freehold development consists of 168 serviced residences, as well as 54,512 sq ft of office space, retail premises, and medical space across 5 levels.
Formerly known as Thong Sia Building, the mixed-use development was designed by Japanese architectural firm Nikken Sekkei. The property obtained its temporary occupation permit (TOP) in early-2020.
Located at 28 and 30 Bideford Road, the property stands on a land parcel zoned for commercial and residential use with a gross plot ratio of 4.9. The site is also just 600 metres from the Somerset MRT Station on the North-South Line.
“30 Bideford Road is a newly completed and well-designed hospitality commercial development with high specifications, located right at the heart of Orchard Road,” said Wei Leng Tang, Managing Director at Colliers Singapore.
She revealed that to offer investors different options to maximise the development’s potential, the asset will be divested with vacant possession on an “as is, where is” basis, subject to the termination of the existing leases there.
“This is a rare and attractive investment proposition for investors looking for a brand-new freehold trophy asset located in prime District 9. The opportunity may be suitable for hospitality operators who seek a flagship hospitality asset, or investors looking to acquire a generational asset,” added Daniel Ding, Head of Capital Markets at Knight Frank Singapore.
The joint tender for 30 Bideford Road shall close at 3 pm on 15 February 2022.
While the joint press release from Colliers and Knight Frank did not disclose the owners of the commercial property, The Business Times reported previously that Singapore-based private equity company SIN Capital purchased the Thong Sia Building for S$380 million via an en bloc sale in 2015. Back then, the development consisted of 7 levels of commercial space and a 19-storey apartment block.
Press statements published in October 2020 referred to the redeveloped property as Orchard Hills, with an American coworking space operator planning to be the anchor tenant of its commercial component, while the serviced residences were christened as Orchard Hills Residences.
Back then, the coworking space operator had been scheduled to open during the 2nd quarter of this year. Based on the news outlet’s checks, the serviced residence, which was named as MGallery by hotelier Accor, was meant to commence operations in H1 2021, but the opening was later delayed to the 2nd half of next year.
In April 2021, The Business Times reported that SIN Capital’s development, Orchard Hills, was “mostly vacant”.
