Ravi Chandran
Two “Business 2” industrial properties launched for sale via Expression of Interest
JLL said on April 23 that it is pleased to launch for sale by Expression of Interest, 9 and 11 Third Chin Bee Road – two “Business 2” industrial properties in the established industrial estate of Chin Bee.
The industrial properties consist of two buildings containing warehousing, production and office spaces, interlinked by a covered yard for the loading and unloading of goods.
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The two adjoining facilities are currently used for the warehousing and distribution of paper products. They sit on a leasehold site of 67,429 sq ft, which has a plot ratio of 2.5 and has a balance lease of approximately 20 years. The current total gross floor area (GFA) is approximately 54,510 sq ft.
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Nicholas Ng, Senior Director, Capital Markets, JLL, commented: “These properties will be a good fit for companies looking for a corporate presence or to expand within the Chin Bee Industrial Estate. The site is currently built up to a 0.8 plot ratio and has the potential to be refurbished and redeveloped, to maximise its plot ratio by an additional 114,062 sq ft of GFA.”
Situated within the established housing estate of Jurong, the two industrial properties are in close proximity to the upcoming Enterprise MRT station. The Integrated Jurong Point is just a 10-minute bus ride away, and provides commuters with much convenience as there is an MRT, bus Interchange, shopping mall, clinic, numerous eateries and shops.
In addition to being located near established housing estates, the the two industrial properties are also highly accessible via the Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE). The the two industrial properties are surrounded by Sunlight, Clariant, Kally Packaging, Beacons and Dynacast.
“The vibrant dynamics of the industries there are further enhanced by the high demographics of workers from the surrounding housing estates and excellent connectivity to various parts of the island. The properties available for sale have a high visibility of 96m frontage onto third Chin Bee Road. They also have three separate access points, which will allow the user to plan better traffic around the factory”, says Mr. Ng.
The vendor is seeking offers in excess of $9 million for the the two industrial properties.
The Expression of Interest for two industrial properties will close on Tuesday, 28 May 2019, at 2.30 p.m.
The sale of the two industrial properties 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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One research in particular noted that industrial rents stagnated during 2018 due to the supply overhang from the preceding years. It believes 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.
There are already signs of an uplift in economic and manufacturing sector performances, which may point to an imminent bottoming of the industrial property market.
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 mortgage loans in the region. The industrial property market price recovery is observed to be broadening,” Mr Ho noted.
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