Ravi Chandran
CBRE on Aug 21 announced the sale of a five-storey intermediate terrace factory at 9 Kaki Bukit Place by Expression of Interest.
Located within the established industrial estate of Eunos Techpark I, the five-storey intermediate terrace factory sits on a rectangular site of approximately 4,795 square feet and has an existing gross floor area of approximately 13,110 square feet. Zoned ‘Business 2’ with a gross plot ratio of 2.5 under the Master Plan 2014, the property is completed in the late 1990s and has a balance lease of 36 years.
Having undergone refurbishment in 2014, the five-storey intermediate terrace factory is in good move-in condition. It features practical building specifications with passenger and cargo lifts, and sheltered loading bays for containers up to 20 feet. Occupants have access to minimally four car parking lots.
To be sold on vacant possession basis, the five-storey intermediate terrace factory has an indicative price of S$5.5 million, which works out to approximately S$420 per square foot based on the gross floor area.
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There is no payable land rent nor Additional Buyer’s Stamp Duty imposed on foreigners or companies who are also eligible to purchase the five-storey intermediate terrace factory.
Ms Angela Lim, Senior Manager, Capital Markets at CBRE said, “We expect keen interest from both investors and end-users who are seeking to expand within the Kaki Bukit Industrial Estate or to consolidate all business functions under one corporate building that also allows for naming and signage rights. The successful buyer can explore using the ground-floor space for showroom or warehousing, the second and third floor for production, and the fourth and fifth floors as ancillary offices. The property is aptly suited for high technology and light industries such as electronics, publishing and precision engineering.”
“Kaki Bukit has always been a popular location for SMEs as they can tap into the large workforce from the surrounding housing estates such as Kaki Bukit, Bedok, Hougang, Macpherson and Aljunied. While Kaki Bukit is typically known as an industrial location, the relocation of Paya Lebar Airbase from 2030 to make way for new homes, as well as office and industrial buildings will be a game changer. Buyers can expect to benefit from the progressive transformation of the location, and enjoy strong capital appreciation and rental upside in the medium to long term,” added Ms Lim.
Located under 10 minutes’ walk from Kaki Bukit MRT station, the five-storey intermediate terrace factory is also well served by public bus stops along Eunos Link and Kaki Bukit Avenue 1, as well as arterial roads which connect to other parts of the island via the Pan-Island Expressway, East Coast Parkway Expressway and Kallang-Paya Lebar Expressway. The immediate surrounding comprises commercial and industrial buildings such as Techlink, Eunos Techpark II, Enterprise One and Kaki Bukit Techpark I & II.
CBRE is the sole marketing agent for the five-storey intermediate terrace factory. The Expression of Interest exercise will close on 1 October 2019 at 3pm.
In 2Q 2019, the occupancy rate of overall Singapore industrial property market remained unchanged compared to the previous quarter said JTC. Prices and rentals of industrial property market remained relatively stable for most market segments.
JTC said that it will continue to monitor the Singapore industrial property market closely to ensure a stable and sustainable supply of land and space to support the needs of industrialists. Moving forward, JTC said that it will continue to develop new industrial facilities and estates that will meet the needs of industrialists, support their transformation and upgrading, and enhance their productivity and competitiveness.
Mr Paul Ho, chief mortgage officer at iCompareLoan, commenting on the property for sale said, “although the Singapore industrial property market rents are expected to remain flat for the second half of 2019 and moderate in 2020 if the recession scenario materialises, the naming and signage rights accorded to buyers may make the five-storey intermediate terrace factory at Kaki Bukit attractive to buyers.”
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