Apex Asia buys Sin Ming Centre for $49m

Apex is mulling tearing down Sin Ming Centre to reconstruct a new mixed-used development.

Apex Asia Development Pte Ltd has closed the private treaty deal for the purchase of Sin Ming Centre for $49m, announced OrangeTee & Tie, who brokered the sale.

This reportedly marks the first block sale of 2024.

“As we expand our footprint in Singapore’s property market, our vision is to redefine urban living through innovative mixed-use developments powered by AI and blockchain solutions,” said Apex founder Li Jun.

Sin Ming Centre is a freehold 4-storey mixed-use development in District 20 completed in 1998. It has five commercial shops on the first storey and 22 residential units on the higher floor, which are currently fully leased. The property has 4,299 square metres (sqm) of gross floor area.

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Li said Apex is considering demolishing the existing Sin Ming Centre and reconstructing a new mixed-use development that features smart home technologies. The ground floor will feature commercial shops, while the upper levels will consist of residential units that will have smart home capabilities for sale. 

The company plans to integrate artificial intelligence, blockchain, and the Internet of Things to “offer enhanced security, efficiency, interoperability, and infrastructure robustness.”

If realised, this will be the first residential land transaction in the area since the launch of Jadescape in 2018.