reporter2
01-04-14, 14:51
http://www.businesstimes.com.sg/specials/property/building-kallang-industrial-estate-put-sale-20140401
Published April 01, 2014
Building in Kallang Industrial Estate put up for sale
By jaira koh [email protected]
THE light industrial building at 12 Kallang Way is up for sale, with the current owner expecting offers exceeding $25 million.
The five-storey development sits on a 51,264 sq ft leasehold site with 34 years remaining in its lease term.
The asking price works out to $213 per sq ft per plot ratio (psf ppr) for the building, which has a gross floor area (GFA) of 116,940 sq ft, but has not maximised its 2.5 plot ratio.
Factoring in the unutilised 11,220 sq ft of GFA, however, the asking price for the property works out to $195 psf ppr.
The property is located in the Business 1-zoned Kallang Industrial Estate.
Nicholas Ng, the local director of investments at Jones Lang LaSalle, its marketing agent, described the property as a good fit for small and medium-sized enterprises and multinational corporations considering expansion in an established, centrally located industrial estate.
He noted that the government land sales programme had not released any centrally-located Business 1 industrial site last year, and that the two such sites released for sale this year were in the north, and had a lease tenure of 30 years.
The 12 Kallang Way site will be within walking distance of Mattar MRT station, which is slated to be completed in 2017.
In the vicinity are industrial buildings such as Wincor Nixdorf, Infineon, Epcos and the SPH Media Centre.
MacPherson Mall, to open in the second half of next year, will target the corporate crowd.
The building at 12 Kallang Way will be sold via expression of interest. The closing date is April 29, by 3pm.
Published April 01, 2014
Building in Kallang Industrial Estate put up for sale
By jaira koh [email protected]
THE light industrial building at 12 Kallang Way is up for sale, with the current owner expecting offers exceeding $25 million.
The five-storey development sits on a 51,264 sq ft leasehold site with 34 years remaining in its lease term.
The asking price works out to $213 per sq ft per plot ratio (psf ppr) for the building, which has a gross floor area (GFA) of 116,940 sq ft, but has not maximised its 2.5 plot ratio.
Factoring in the unutilised 11,220 sq ft of GFA, however, the asking price for the property works out to $195 psf ppr.
The property is located in the Business 1-zoned Kallang Industrial Estate.
Nicholas Ng, the local director of investments at Jones Lang LaSalle, its marketing agent, described the property as a good fit for small and medium-sized enterprises and multinational corporations considering expansion in an established, centrally located industrial estate.
He noted that the government land sales programme had not released any centrally-located Business 1 industrial site last year, and that the two such sites released for sale this year were in the north, and had a lease tenure of 30 years.
The 12 Kallang Way site will be within walking distance of Mattar MRT station, which is slated to be completed in 2017.
In the vicinity are industrial buildings such as Wincor Nixdorf, Infineon, Epcos and the SPH Media Centre.
MacPherson Mall, to open in the second half of next year, will target the corporate crowd.
The building at 12 Kallang Way will be sold via expression of interest. The closing date is April 29, by 3pm.