Anson Rd office block now under single ownership

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Top 3 floors of Hub Synergy Point have been bought for S$30m

A COMPANY controlled by a member of the Ho family of Keck Seng group is believed to have gained full ownership of a 28-storey freehold office block on Anson Road after it recently bought the top three floors for a total of nearly S$30 million.

Standing at the Enggor Street/Anson Road corner and opposite M Hotel Singapore, the building now goes by the name Hub Synergy Point. It was previously known as Apex Tower and Tunas Building and completed in 1973 although it has been spruced up a few times.

The latest deal involves two transactions, with Hub Synergy (S) Pte Ltd the buyer in both cases. The company, which is majority owned by Ho Kian Cheong, picked up the 26th level for S$9.97 million or S$2,400 psf on 4,155 sq ft strata area - from a company controlled by two Singaporeans.

Hub Synergy (S) also purchased Levels 27 and 28 (including the roof terrace space above Level 28) for a total of S$20 million - or S$1,512 per square foot on the strata area of 13,229 sq ft. The psf rate is diluted by the substantial roof terrace space.

Levels 27 and 28 were offloaded by a company held by an individual Singaporean investor, who in turn acquired the floors from Chinese-Indonesian businessman Tong Djoe last year. The former shipping magnate developed the building, in the shape of a ship, 42 years ago; he later sold it but had retained the top two levels for his own use.

The majority of the building has seen several changes in ownership over the decades. It was once part of the failed Carrian Group. In the 1980s, its ownership was passed on to Japanese developer Yamasin, which refurbished and renamed it Apex Tower before selling the building to a Salim Group-controlled party for S$51 million (S$565 psf) in 1989.

Around the mid-1990s, Salim Group's KMP Pte Ltd sold the property to the Ho family.

When contacted by BT, Chestertons managing director Donald Han, whose firm brokered the recent sale of Levels 27 and 28, said: "Now that the building is 'whole' again under the strategic control of a single entity, it gives the owner the opportunity to reposition or even redevelop the building and maximise its potential value."

Chestertons also brokered the sale in October last year of the 13th floor of 6 Raffles Quay for S$23.8 million. This translates to S$2,350 psf on 10,129 sq ft of strata area. The buyer is a vehicle of Royal Group boss Asok Kumar.

The freehold office tower was formerly known as John Hancock Tower.

Source: Business Times, 17 Jan 2015