Soon Hock Group Buys Freehold Ching Shine Industrial Building En Bloc 1132 Mil
Soon Hock Group, led by commercial and industrial developer JLL, has been announced as the sole buyer of Ching Shine Industrial Building after offering a bid of $113.2 million at the close of the tender on April 3. The minimum price set by JLL was $113 million and the tender received two bids and three expressions of interest, according to Nicholas Ng, senior director of capital markets at JLL Singapore.
Ng adds that the site’s potential as a freehold asset has attracted competitive bids from developers and funds, showcasing their confidence in the emerging asset class. This purchase by Soon Hock aligns with their long-term vision of developing high-quality, future-ready assets in key growth corridors, delivering sustained value to stakeholders.
The freehold site is located at Shaw Road and spans 49,308 sq ft with a 100m frontage. It is a five-minute walk from the Tai Seng MRT Station on the Circle Line. The building was completed in the early 1980s and comprises of 52 strata units, with a total gross floor area of 137,341 sq ft. The purchase price of $113.2 million by Soon Hock reflects a unit land rate of $824 psf per plot ratio (ppr).
The sale of Ching Shine Industrial Building has secured the consent of 80% of the strata-titled owners, who are represented by Donaldson & Burkinshaw LLP. This is the first time the building has been launched for tender. It is zoned “Business 1” and has a gross plot ratio of 2.5 under the URA Master Plan 2019.
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In the vicinity, the former Noel Building, a freehold Business 1 industrial building, was sold en bloc for $81.18 million in November 2023, which is 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 prominent food factories in the area include BreadTalk IHQ, Sakae Building, and Food Empire Building.