Tuan Sing Holdings is buying Sime Darby Centre in Bukit Timah for $365 million. The property, which is located at 896 Dunearn Road, sits on a 140,886 sq ft commercial site that is part freehold and part 999-year leasehold.

The site has an allowable gross plot ratio of 1.8 and a maximum permissible GFA of 253,595 sq ft. It is 96% occupied and has a net lettable area of 202,712 sq ft. The tenants include kitchenware retailer ToTT, Scanteak, Cold Storage and ChildFirst pre-school.

New York-based private equity giant Blackstone Group is said to have bought a 70% stake in Sime Darby Centre for just under $200 million last year from Malaysian conglomerate Sime Darby Bhd. Tuan Sing’s purchase would mean Blackstone pocketed a gain of about 25% from its investment.

In a filing with the Singapore Exchange, Tuan Sing says it expects to complete the deal in about 10 weeks. It plans to “reposition the property into a hub of activities”.