Unit of Tsao family’s IMC Group pays S$24 million for office floor in Orchard area

Citi Commercial Pte Ltd

AN office floor at the freehold Nomu in Handy Road is being sold for nearly S$24 million; this works out to S$3,790 per square foot on a strata area of 6,329 sq ft.

The buyer is a Singapore-incorporated entity that is an indirect wholly-owned subsidiary of Bermuda-incorporated IMC Group Holdings. IMC are the initials for International Maritime Carriers, a shipping business founded by the late Frank Tsao in Hongkong in 1966. Tsao also led a consortium comprising Hongkong tycoons that developed the Suntec City complex in Singapore.

The IMC Group unit is buying the third level of the 12-storey Nomu, off Orchard Road, from a company owned by Wong Mun Summ and Richard Hassell, the founders of Woha Architects.

Savills Singapore is understood to have brokered the deal but declined to comment.

Woha designed the Nomu project. The company’s two founders are understood to have acquired the third-level office floor from Sin Heng Chan, the project’s developer.

Sin Heng Chan was set up in 1947 as a trader in sundry goods and oil milling before expanding into rice milling, feed milling and real estate. It has since been rebranded as SHC Group, with two core businesses of property development and hospitality management.

Sin Heng Chan developed Nomu, comprising apartments, offices and retail space,on the site of the former Cathay Apartments site. It paid nearly S$20 million, or about S$370 per square foot per plot ratio, in 2004 for the property, based on an earlier report in The Business Times. The sellers were Equus Realty and Lady Yuen-Peng McNeice, the younger sister of the late Cathay film empire founder Loke Wan Tho.

Shophouse deals

In the conservation shophouse market, a corner pair of shophouses at 5/5A Ann Siang Road is being sold for S$32 million. The buyer is a Singapore vehicle of a Switzerland-incorporated company.

The three-storey shophouses, on 999-year leasehold land, are being sold by Claudia Sondakh, who is the wife of Evan Kwee, head of design and hospitality at Pontiac Land Group. Sondakh’s father, Peter, is the founder of Indonesia-based Rajawali group, which has diversified businesses.

Meanwhile, 60 Serangoon Garden Way, also with 999-year leasehold land tenure, is being transacted for S$13.5 million. The buyer is an entity controlled by some members of the Ng family behind New Century Group, involved in property investment, money lending and securities trading. The property is being sold by a Chew family. The shophouse and the next-door property, No 62, serve as the Serangoon Garden branch of HSBC. The bank owns No 62.

Another entity controlled by members of the Ng family is acquiring 41 Mosque Street, a freehold property in the Chinatown Historic District, for S$15.6 million.

In the same historic district, 34 Keong Saik Road has fetched S$15.5 million. Orchard Credit is picking up the freehold property from He Yi Investments, incorporated here and owned by Chen Jianbing and Hong Bingmei, both from Guangzhou.

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