Here's your Forbes Daily Briefing for Saturday, January 17th. Today on Forbes, Thai billionaire

Shiroan Sarovadana Bhakti's Frazier's property and others selling Prime Singapore

Residential Block for $326 million. Frazier's property, controlled by Thai billionaire Shirohiroin, Sariva Dhanabakti, and other owners

are selling the residential block of a prime Singapore shopping mall for $418 million

Singapore dollars, or SGD, which is equivalent to $326 million U.S. dollars.

The sale will comprise the residential portion of the center point and about one-third of the

complex's retail units on Orchard Road, Singapore's main shopping precinct.

The sale price values the 66 apartments and 66 retail units at 2,709 SGD per square foot behind the mall,

according to a statement released by the property's exclusive market agent, Sable's Singapore.

The buyers will need to pay the government 260 million SGD to renew the land's lease back to 99

years and increase the property's

potential buildable space to a plot ratio of 5.6 times. Built in 1983, the center point

occupies a leasehold site of around 44,700 square feet, or 4,153 square meters. It can be redeveloped into a mixed-use project of up to

10 stories with a maximum gross floor area of 250,320 square feet. The tender for the property

closes on February 26th. The remaining 151 retail units at the shopping mall are not

included in the sale. Jeremy Lake, managing director for investment sales and capital markets

at Saville, Singapore, said, quote, with its direct link to Somerset MRT station,

excellent accessibility, and location in the

heart of Orchard Road, the property offers developers a chance to develop a landmark property

with an internationally recognized address.

Frazier's property and others are selling part of the flagship shopping mall amid surging

demand for prime residential

...