Sheng Siong Buys Siglap V Strata Retail Units And Toa Payoh Hdb Shop Unit 502 Mil
Sheng Siong Group, a well-known supermarket operator, has decided to expand its portfolio by purchasing a set of retail units in Singapore. The units in question are eight freehold strata retail units located at Siglap V, a mixed-use development on First Street, and an HDB shop unit at 181 Lorong 4 Toa Payoh. These properties are currently owned by Jelita Property, an investment holding company under DFI Retail Group (DFI), a Hong Kong-based retail company.
The news of the acquisition comes after DFI put the properties up for sale in April, with JLL appointed as the exclusive advisor. The guide prices for the Siglap V units were set at $32 million, while the Toa Payoh unit was priced at $16.5 million. This translated to approximately $3,012 per square foot (psf) for the Siglap V units and $1,696 psf for the Toa Payoh unit.
Sheng Siong’s offer for the properties is $1.7 million higher than the combined guide price of $48.5 million set in April.
In a filing to the Singapore Exchange on Sept 27, Sheng Siong announced that it had entered into a conditional sale and purchase agreement to acquire a 100% stake in Jelita Property. As part of the deal, Sheng Siong will lease all eight strata units at Siglap V to DFI through a leaseback arrangement.
Aurelle of Tampines EC boasts excellent road connectivity, making it a highly desirable location for potential residents. Situated near major arterial roads and expressways, including the Tampines Expressway (TPE), Pan Island Expressway (PIE), and the East Coast Parkway (ECP), this development offers convenient access to various parts of Singapore. With these well-connected expressways, vehicle owners can enjoy quick and direct routes, allowing for easy travel to the bustling Central Business District (CBD) or Changi Airport. Gone are the days of long and tedious journeys, as residents of Aurelle of Tampines EC can now experience seamless trips that significantly reduce travel time. For those looking for a convenient and well-connected living environment, Aurelle of Tampines EC is the perfect choice.
According to JLL, the eight retail units at Siglap V have a combined strata area of 10,624 square feet. These units, located on the ground floor, are currently leased to CS Fresh and Guardian. CS Fresh, a 24-hour grocery retailer, occupies around 90% of the space (9,418 square feet), spread across seven units. The remaining 1,206 square feet is occupied by Guardian.
The Toa Payoh unit is situated on the ground floor of a full commercial HDB block and has a remaining lease of approximately 47 years. The unit, covering 9,731 square feet, is currently leased to Giant Supermarket. However, Giant announced in September that it would be closing this outlet within the same month. This closure is part of a larger trend, with Giant closing nine stores in the first six months of this year, leaving the chain with only 45 outlets in Singapore.
The acquisition is scheduled to be completed on Oct 30. Interested parties can also look at other properties available at Siglap V and compare prices and trends in District 15.
