Sheng Siong to buy Aljunied HDB commercial property for $29.5m

The deal is expected to be completed by fiscal year 2020.

Supermarket chain Sheng Siong has proposed the acquisition of commercial premises in Aljunied for $29.5m, with a deposit of $2.95m upon the signing of sales and purchase agreement (SPA) last 14 November.

The deal is expected to be completed by fiscal year 2020.

The property is located at Block 118 Aljunied Avenue 2 and comprises of units in the first and second floors of a seven-storey Housing and Development Board (HDB) property, with a gross floor area (GFA) of around 2,717sqm and a leasehold tenure of 86 years from 1 July 1993.

If half of the property will be converted to a supermarket, Sheng Siong would be close to meeting forecast of 20,000 sqft of new store space for FY2020, according to CGS CIMB analyst Cezzane See, with the remaining GFA likely to be rented out for additional income.

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