Ravi Chandran
Knight Frank Singapore announced today (Feb 19) that it has launched the sale of a 5-storey industrial building at 14 Genting Road. The 5-storey industrial building is a a freehold industrial “B1” development, and is available for sale by Expression of Interest (EOI).
The 5-storey industrial building houses production areas on levels 1 to 3 and secondary workers’ dormitories on levels 4 and 5, which comprise a total of 68 beds. The property sits on site area of approximately 5,758 sq ft, with a gross floor area of approximately 16,943 sq ft. Under the 2014 Master Plan, the 5-storey industrial building is zoned “Industrial (B1)”, for clean and light industrial usage, with a permissible Gross Plot Ratio of 2.5.
The 5-storey industrial building is currently approved for use as a secondary workers’ dormitory and may also be used by end users from clean and light industries requiring production, storage and/or ancillary office spaces.
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Mr Tan Boon Leong, Executive Director and Head of Industrial, Knight Frank Singapore, said: “Investors may find this property appealing as it not only gives them immediate rental income upon completion of the sale, they also have the opportunity to further improve rental yields by leasing out the remaining space.”
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14 Genting Road is an exclusive B1 site conveniently located near several matured industrial estates areas, including MacPherson, Aljunied, Kallang, Tai Seng, Kim Chuan and Ubi. It is situated in good proximity to the city centre and enjoys easy access to major arterial roads and expressways via the Pan Island Expressway.
The 5-storey industrial building has an indicative asking price of S$15.9 million, which translates to a land rate of approximately S$938.44 psf ppr.
The EOI for 5-storey industrial building will close on 13 March 2019, at 3.00 pm.
The recent report card released by JTC today points towards an industrial property market that is steadily improving in health. The sale of the 5-storey industrial building comes at a time when the industrial property market is steadily improving in health.
This improvement in the industrial property market comes at the back of a strong pick-up in leasing transactions to a record high. This has likely been underpinned by the more upbeat business sentiment alongside the positive economic and manufacturing data, which has emboldened more tenants and industrialists to review their real estate options.
Leading real estate observers have said that they were optimistic that the industrial property market will likely bottom within the next 12 months, barring any unforeseen external shocks. They took into account the tapering pipeline supply that will allow demand to play catch up amid the positive economic outlook, barring any unforeseen external shocks.
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A recent analysis by Cushman & Wakefield said: “tapering of supply in the industrial property market will support the market in 2019.” It pointed out that industrial rents stagnated during 2018 due to the supply overhang from the preceding years. And predicted that in 2019, the tapering of supply will lend support to the market and lead to marginal increases in rents despite the slowdown in manufacturing growth.
“Factory rents could see an increase of 0.5%, while warehouse rents may rise by 1.0% as demand for warehouses has picked up due to rising competition in the e-commerce space. Meanwhile, business park demand will be sustained by cost-conscious companies who do not need to be in the CBD. Rents for business parks in the city fringe are projected to rise by 2.0%, while rents for business parks in outlying areas are expected to increase by a smaller 0.5%.”
Future manufacturing growth will continue to ease as the November manufacturing PMI declined by 0.4 to 51.5, while the electronics PMI became contractionary after falling by 0.6 to 49.9. The research said the temporary trade truce between US and China may boost market confidence, with hopes that a trade deal can be sealed in early-2019. In any case, Singapore may not be too negatively impacted if no deal is reached.
Singapore’s growth outlook is expected to moderate further in 2019, dampened by an increase in global uncertainties and downside risks such as a worsening of the trade conflict between US and China and a no-deal Brexit. But a recent study by MTI found that the value added from US-China bilateral exports only comprised 1.29% of Singapore’s GDP in 2017.
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