Daily Briefing: Min Yuan building for sale at $145m; Singapore's second unicorn Trax acquires European competitor Planorama

And a row of apartments at Phoenix Road sold for $42.6m.

From PropertyGuru:

Min Yuan, a 27-unit residential development with commercial space on the first floor, has been put up for collective sale with an asking price of $145m.

This works out to around $2,678 per sqft per plot ratio, including a development charge of about $19.6m.

While the 14,629 sqft site is zoned “residential with commercial at first storey” under the 2014 Master Plan, marketing agent CBRE noted that the 999-year leasehold site could be redeveloped into a hotel building with a plot ratio of 4.2 or a maximum permissible gross floor area of around 61,443 sqft based on URA Outline Planning Permission advice.

The development is served by four MRT stations – Bencoolen, Bugis, Bras Basah and City Hall. It is also near various Singapore landmarks such as the Singapore Art Museum, National Museum of Singapore, National Design Centre, Stamford Arts Centre, School of the Arts, Singapore Management University and Nanyang Academy of Fine Arts.

Read more here.

From DealStreetAsia:

Singapore-based retail-tech startup Trax has acquired Planorama, a European supplier of image recognition services, for an undisclosed sum, according to a company statement. The Planorama deal follows Trax’ recent acquisitions of China’s AI and big data service provider LenzTech, and US-based shopping rewards app Shopkick.

Set up in 2009, Planorama uses artificial intelligence to digitalise retail execution and merchandising processes. Based on shelf pictures from any source, its image recognition solution can instantly analyse and recognise millions of product items and deliver insights for their clients. Planorama counts Unilever, Mondelez and Coca-Cola among its clients.

Trax is valued at around $1.2-1.3b after the latest financing.

Read more here.

From iCompareLoan:

A row of apartments at 2/A-B to 24/A-B Phoenix Road was sold to CNQC Realty for $42.6m, well above the asking price of $42m, an announcement from Colliers International revealed.

Steven Tan, director of capital markets and investment services at Colliers, commented on the sale of Phoenix Road row of apartments and shops. “The market dynamics within a given locale remains an important investment decision driver. Based on our analysis, District 23 – where the Property is sited – presents good opportunities for residential development owing to the limited upcoming supply of private homes in the area.”

Colliers’ data noted that District 23 has a supply pipeline of 1,831 non-landed residential units from various new projects – among the lowest upcoming supply compared to other regions.

The Phoenix Road row of apartments and shops is near the Phoenix LRT station, the Bukit Panjang MRT station and the bus interchange. The site is also near numerous amenities including Bukit Panjang Plaza, Hillion Mall, Junction 10, HillV2, and the Teck Whye neighbourhood centre, as well as several schools.

Read more here.