reporter2
02-01-15, 16:22
http://www.businesstimes.com.sg/real-estate/slimming-specialist-forks-out-32m-for-4-storey-industrial-building
Slimming specialist forks out $32m for 4-storey industrial building
By Kalpana Rashiwala
[email protected]@KalpanaBT
31 Dec
AN ageing four-storey freehold industrial building at 243 Alexandra Road, next to the Kwan Yam Theng Buddhist Temple, has changed hands for the third time in four years.
In the latest transaction, home-grown slimming specialist Bottomslim New York is buying the property for S$32 million. This works out to about S$868 per square foot of potential gross floor area.
Located about 450 metres from Redhill MRT Station, the property can be redeveloped into a six-storey building, according to earlier reports.
Under the Urban Redevelopment Authority's Master Plan 2014, the 14,753 square foot site is zoned for Business 1 use - which means light and clean industry or warehouse uses are permitted. The site has a 2.5 plot ratio, allowing an estimated maximum gross floor area of around 36,000 sq ft.
The property is being sold by an entity controlled by Cheong Sim Lam, whose family developed International Plaza in Anson Road in the 1970s.
Mr Cheong acquired 243 Alexandra Road in December 2011 for S$25 million from a company owned by the Le Mercier family that is behind the upmarket furniture group.
The Le Mercier family had in turn bought the property in January the same year for S$20 million.
Bottomslim New York, controlled by Chew Wai Leong, has outlets at Ngee Ann City, Novena Square, City Square Mall, Nex, Parkway Parade and in Jurong East. It specialises in slimming for the lower body.
Mr Chew could not be reached for comment on his plans for 243 Alexandra Road.
Other property transactions this quarter include the S$28 million sale of 16 International Business Park in Jurong East to Cambridge Industrial Trust. After completion of the deal, the trust will lease the property back to the vendor M+W Singapore for 11.6 years, with an option to renew for two consecutive five-year terms after that. The building - on a remaining land lease of about 41.6 years - has a gross floor area of about 6,434 square metres (69,255 sq ft).
A factory building at 21 Defu Avenue 1 also changed hands in the fourth quarter at S$19 million.
Slimming specialist forks out $32m for 4-storey industrial building
By Kalpana Rashiwala
[email protected]@KalpanaBT
31 Dec
AN ageing four-storey freehold industrial building at 243 Alexandra Road, next to the Kwan Yam Theng Buddhist Temple, has changed hands for the third time in four years.
In the latest transaction, home-grown slimming specialist Bottomslim New York is buying the property for S$32 million. This works out to about S$868 per square foot of potential gross floor area.
Located about 450 metres from Redhill MRT Station, the property can be redeveloped into a six-storey building, according to earlier reports.
Under the Urban Redevelopment Authority's Master Plan 2014, the 14,753 square foot site is zoned for Business 1 use - which means light and clean industry or warehouse uses are permitted. The site has a 2.5 plot ratio, allowing an estimated maximum gross floor area of around 36,000 sq ft.
The property is being sold by an entity controlled by Cheong Sim Lam, whose family developed International Plaza in Anson Road in the 1970s.
Mr Cheong acquired 243 Alexandra Road in December 2011 for S$25 million from a company owned by the Le Mercier family that is behind the upmarket furniture group.
The Le Mercier family had in turn bought the property in January the same year for S$20 million.
Bottomslim New York, controlled by Chew Wai Leong, has outlets at Ngee Ann City, Novena Square, City Square Mall, Nex, Parkway Parade and in Jurong East. It specialises in slimming for the lower body.
Mr Chew could not be reached for comment on his plans for 243 Alexandra Road.
Other property transactions this quarter include the S$28 million sale of 16 International Business Park in Jurong East to Cambridge Industrial Trust. After completion of the deal, the trust will lease the property back to the vendor M+W Singapore for 11.6 years, with an option to renew for two consecutive five-year terms after that. The building - on a remaining land lease of about 41.6 years - has a gross floor area of about 6,434 square metres (69,255 sq ft).
A factory building at 21 Defu Avenue 1 also changed hands in the fourth quarter at S$19 million.