Ravi Chandran
ET&Co announced today (11 April) that a rare freehold city fringe industrial property near Aljunied MRT is up sale at $23 million.
Edmund Tie & Company (ET&Co), the sole marketing agent for a rarely available freehold redevelopment site near the Aljunied MRT station, is pleased to offer this property for sale. Strategically located in the city fringe within a mature industrial cluster, the rare freehold city fringe industrial property occupies a regular plot with a site area of 1,427.4 square metres (sq m) or 15,364 square feet (sq ft).
The the rare freehold city fringe industrial property enjoys excellent accessibility, with the Aljunied MRT station located about 350 metres away and is also within short driving distance to the Central Business District (CBD).
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It is only one MRT station away from the Paya Lebar commercial hub, which is envisioned under the Draft Master Plan 2019 as a vibrant business and innovation hub. Based on Master Plan 2014, the land is zoned for Business 1 use with a gross plot ratio of 2.5. The site may be redeveloped at a maximum allowable gross floor area of 3,568.5 sq m or 38,410 sq ft. No development charge is payable.
Held under a single ownership, the the rare freehold city fringe industrial property offers the advantage of a simple and straight forward sale process.
Executive director of investment advisory Swee Shou Fern commented: “The relatively palatable quantum of the property presents a rare opportunity for end users and developers to acquire a rare freehold industrial site at city fringe location. The new owner will also have potential signage and naming rights for the property.”
The asking price for the the rare freehold city fringe industrial property is $23m, which reflects $599 per square foot per plot ratio (psf ppr). The tender exercise for the rare freehold city fringe industrial property will close on Tuesday, 28 May 2019 at 3pm.
The EOI for 5-storey industrial building will close on 13 March 2019, at 3.00 pm.
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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 research said that 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. The temporary trade truce between US and China is also expected to boost market confidence.
Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region. The industrial property market price recovery is observed to be broadening,” he noted.
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