Sin Ming Centre has been sold for S$49 million.
It was sold to Apex Asia Development in a deal brokered by OrangeTee.
This marks the first block sale of 2024.
Could be rebuilt
Touted as a rare freehold four-storey mixed-use development, the building was completed in 1998 and currently comprises five commercial shops on the first storey and 22 residential units on the higher floor.
All are fully leased.
The site is zoned for residential with commercial use on the first floor under the URA Master Plan.
It is close to numerous amenities and dining establishments along Upper Thomson Road, including Thomson Plaza, a well-known neighbourhood mall.
The Upper Thomson MRT Station is a four-minute walk away.
Apex, the buyer of Sin Min Centre, was founded by Li Jun, who previously served as the executive chairman of Qingjian Realty (South Pacific) Group since 2008.
According to Li, Apex is considering the possibility of completely demolishing and reconstructing a new mixed-use development equipped with smart home technologies.
The ground floor will feature commercial shops, while the upper levels will consist of residential units that will feature smart home capabilities for sale.
The site covers an area of 4,299 sq m in terms of gross floor area.
Buyer involved in Jadescape
Li is no stranger to the Shunfu area.
With 16 years of experience in Singapore property development, he has spearheaded more than 20 development projects.
While at Qingjian previously, he oversaw the integration of smart home systems in projects, such as The Visionaire and Riversound Residence.
He was also previously involved in transforming the former Shunfu Ville, built in the late 1980s by the former Housing and Urban Development Company (HUDC), into the condominium project Jadescape, which is also another Qingjian project.
Jadescape is a seven-minute walk to Sin Ming Centre.
Currently, the resale price of Jadescape is approximately S$2,149 per sq ft.
If the plan to demolish and reconstruct a new building is realised, it would be the first residential land transaction in the vicinity since the launch of Jadescape in 2018.
In November 2023, Li, along with a consortium formed by Apex, acquired Noel Building on 50 Playfair for S$81.18 million for the establishment of a food factory.
Top photos via OrangeTee & Google Maps