Office Floor At Nomu Being Divested For Nearly S$24mil
SINGAPORE – An office floor located on the 3rd floor of the 12-storey freehold Nomu project within the Orchard area is being offloaded for almost S$24 million, which translates to S$3,790 psf based on the commercial property’s strata area of 6,329 sq ft, according to a recent report from The Business Times.
The purchaser is a Singapore-incorporated entity that is an indirect but fully-owned unit of Bermuda-incorporated IMC Group Holdings. IMC, which stands for International Maritime Carriers, is a shipping business established by the deceased shipping tycoon Frank Tsao Wen-king in Hong Kong in 1966. Tsao also led a consortium, consisting some of the wealthiest people in Hong Kong tycoons, that developed Singapore’s Suntec City development.
Savills Singapore is said to have negotiated the transaction. The seller is an entity owned by Woha Architects founders, Richard Hassell and Wong Mun Summ. Notably, Woha designed Nomu and the two founders acquired the level 3 office from the developer of the complex, Sin Heng Chan.
Sin Heng Chan was established in 1947 as a company that refines oil and trades sundry goods before expanding into feed milling, rice milling, and property investments. It has since been renamed as SHC Group, with two primary business operations, namely hospitality management and real estate development.
Built on the land plot previously occupied by Cathay Apartments, Nomu consists of apartments, retail premises, and office space. Sin Heng Chan forked out almost S$20 million or around S$370 psf per plot ratio for the property in 2004. Back then, the sellers were Equus Realty and Lady Yuen-Peng McNeice, the younger sister of the deceased Loke Wan Tho, who founded the Cathay film empire.