Press Release

3 April 2024, Singapore – OrangeTee & Tie Pte Ltd (OrangeTee) is pleased to have brokered the sale of Sin Ming Centre to Apex Asia Development Pte Ltd (Apex) via a private treaty deal for S$49 million.  

Ms Jane Tan, a top performer proficient in facilitating the sales of land, commercial, and industrial properties, has successfully connected the buyer with the Seller's representative to finalise the deal. This marks the first block sale of the year 2024.

Sin Ming Centre is a rare freehold 4-storey mixed-use development in District 20.  Comprising five commercial shops on the 1st storey and 22 residential units on the higher floor, the site is zoned for residential with commercial at the 1st storey under the URA Master Plan. The development was developed and completed in 1998 (circa) and the commercial shops and residential units are currently fully leased. 

The Buyer: The Founder of Apex Asia Development

Apex’s founder is Mr. Li Jun, who previously served as the Executive Chairman of Qingjian Realty (South Pacific) Group since 2008. With over 16 years of experience in Singapore property development, Li has spearheaded more than 20 development projects. 

Particularly noteworthy is his pivotal role in transforming the former Shunfu Ville, built in the late 1980s by the former Housing and Urban Development Company (HUDC), now known as Jadescape, just seven minutes’ walk to Sin Ming Centre. Currently, the resale price of Jadescape is approximately S$ 2,149 PSF1.

In November 2023, Li, along with a consortium formed by Apex, acquired Noel Building on 50 Playfair for $81.18 million for the establishment of a food factory2.

Commenting on the transaction, Mr. Li Jun, Chairman of Apex said, "Sin Ming Centre's sale marks a pivotal moment for Apex's strategic growth plan. 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. With a commitment to excellence and a track record of successful projects, we are poised to transform this prime location into a vibrant hub that seamlessly integrates commercial vitality with residential comfort.”

According to Li, Apex is considering the possibility of completely demolishing and reconstructing a new mixed-use development that focuses on smart home technologies. The ground floor will feature commercial shops, while the upper levels will consist of residential units that will feature smart home capabilities for sale. The site covers an area of 4,299 square metres in terms of gross floor area. If realised, this represents the first residential land transaction in the vicinity since the launch of Jadescape in 2018.

Service Excellence and Professionalism

Commenting on this successful transaction, Mr. Justin Quek, CEO of OrangeTee, claimed, “While OrangeTee & Tie is widely recognised in Singapore's residential sector, our influence extends significantly into the Industrial and Commercial segments, strengthened by the support of our sister company, OrangeTee Advisory. Drawing from the extensive experience and expertise of our established agency workforce, coupled with their extensive network as exemplified by individuals such as Jane Tan, we can confidently position ourselves to assist clients in executing larger-cap commercial acquisitions and sales with assurance."

Ms Jane Tan said in an interview: "We have been following up on the Sin Ming Centre project for about six months. When the buyer surfaced more than a month ago, he immediately saw the opportunity and seized the deal quickly."

Ms Tan also pointed out that such larger transactions usually take six months to a year to complete, and even larger ones may take one or two years. However, the buyer was optimistic about the potential of this location, so after several rounds of negotiations, the deal was quickly concluded at a target price close to the seller's.

For media enquiries, please contact:  

Jon Tan  

Senior Vice President

Brand and Corporate Communications

E: [email protected]