Property developer Tuan Sing Holdings has signed an agreement to buy Sime Darby Centre in Bukit Timah for S$365 million.

On Dunearn Road, the centre and sits on 13,088.8 sqm of commercial land that is part freehold and part 999-years leasehold. The group says it plans to reposition the property into a hub of activities.

“The company believes there is significant potential for commercial activities that can serve the needs of the vast residential community in the vicinity,” says Tuan Sing. “Therefore the company is confident the asset will be an excellent investment that will generate long-term revenue and profit.”

Sime Darby Centre is about 96 per cent occupied over a net lettable area of about 18,832 sqm.

Tuan Sing says the deal will be financed by internal and external resources, and is not expected to have any material impact on its net tangible assets or share earnings this financial year.