Sheng Siong Buys Siglap V Strata Retail Units And Toa Payoh Hdb Shop Unit 502 Mil
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The Sheng Siong Group, a leading supermarket operator, has announced its acquisition of a portfolio comprising eight freehold strata retail units at Siglap V and an HDB shop unit at 181 Lorong 4 Toa Payoh. The properties, owned by Jelita Property, an investment holding company under Hong Kong-based retail company DFI Retail Group (DFI), were put up for sale in April by JLL, the exclusive advisor. The guide prices for the Siglap V units and the Toa Payoh unit were $32 million and $16.5 million respectively, translating to approximately $3,012 psf for Siglap V and $1,696 psf for the Toa Payoh unit.
In a Sept 27 filing to the Singapore Exchange, Sheng Siong announced that it has entered into a conditional sale and purchase agreement to acquire a 100% interest in Jelita Property. As part of the acquisition, it will lease all eight strata units at Siglap V to DFI through a leaseback arrangement. JLL reported that the eight retail units at Siglap V occupy a combined strata area of about 10,624 sq ft and are located on the ground floor. These units are currently leased to CS Fresh and Guardian. The 24-hour grocery retailer, CS Fresh, occupies almost 90% of the space, spanning across seven of the eight amalgamated units, while Guardian occupies the remaining unit of 1,206 sq ft.
The Toa Payoh asset, which is situated on the ground floor of a full commercial HDB block, has a remaining tenure of about 47 years and is currently occupied by Giant Supermarket. Earlier this month, Giant announced that it would be closing the outlet in September. This closure is part of Giant’s decision to shut down nine stores in six months this year, leaving the chain with 45 outlets as of September.
The transaction is expected to be completed on Oct 30.