**Thai Billionaire Sells Prime Singapore Block for $326 Million Amid Property Boom**
In a hefty real estate deal that’s raising eyebrows and inspiring conversations in Singapore, Thai billionaire Shirouan Sariva Danabakti is at the center of it all, thanks to his recent sale of a residential block and retail units near the famous Orchard Road. The sale, priced at a stunning 418 million Singapore dollars (which translates to about 326 million US dollars), is set to reshape the landscape of one of Asia’s most expensive cities.
The property in question is part of the upscale Centerpoint mall, a long-standing icon on Orchard Road since it was built in 1983. The deal will not only involve the sale of 66 chic apartments but also a portion of the mall’s retail space—specifically, about one-third of its total retail offerings. Paying about 279 SGD per square foot, buyers will certainly have ambitious plans in mind. But hold on, because there’s a twist. To fully develop this prized land, the new owners must also cough up an additional 260 million SGD to renew the land lease back to a shiny 99 years. This move would enhance the property’s potential buildable space, allowing developers to consider a mixed-use project up to 10 stories high!
The exclusive marketing agent for the property, Sable Singapore, has highlighted the perks of this prime location. Directly linked to the Somerset MRT subway station and nestled in the heart of Orchard Road, this property is more than just land—it’s a gateway to creating a landmark project with international flair. With home prices in Singapore surging to record highs, demand for such prime residential plots is evident, making this sale timely and strategic.
Fraser’s Property, the main player in this transaction, is clearly not slowing down. They’ve been actively seeking to expand their land portfolio amid the rising demand in the real estate market. Just last June, they topped the bidding for another luxurious residential plot in Bukit Timah, underscoring their commitment to investing in Singapore’s bustling property scene.
Shirouan Sariva Danabakti is no stranger to wealth, boasting an estimated net worth of around 11.3 billion dollars. His interests extend beyond real estate, with significant holdings in Thai Beverages and Asset World, among others. This latest sale proves his prowess in navigating the competitive landscape of property management and investment.
As the tender for the Centerpoint property closes on February 26th, the excitement surrounding this sale demonstrates the resilience and vibrancy of Singapore’s real estate market. With soaring prices and healthy demand, it seems that Shirley Sariva Danabakti’s vision for the future of urban development is not only ambitious but also firmly rooted in solid market trends. Who knows? This could be just the beginning of some very exciting growth for Singapore’s skyline!
