Published October 04, 2012

Bloc of freehold strata industrial units up for sale

By Mindy Tan

THIRTY-ONE freehold strata industrial units in Century Warehouse have been put up for sale, with an asking price of at least $40 million, or some $800 per square foot (psf).

The strata area for sale comes up to about 50,489 sq ft, which will give the buyer 89.3 per cent ownership of the eight-storey freehold strata industrial building.

The property has both surface and basement car park lots, and is zoned "Business 1" under the Master Plan 2008. The successful buyer will have naming rights to the building.

Said Alex Chow, assistant manager, investment properties, at CBRE, and marketing agent for the expression of interest exercise: "With the announcement by the Ministry of Trade and Industry on the halving of the maximum tenure for industrial sites under its land sales programme to 30 years, freehold industrial properties continue to see very strong demand from investors and industrialists alike."

Sale of strata units in the neighbouring building Meissa have achieved $918 psf while transacted prices for developments under construction such as AZ@Paya Lebar are in excess of $1,000 psf, added CBRE. The EOI closes on Nov 1 at 3 pm.

Separately, a 6,760 sq ft freehold retail space at Katong Shopping Centre is up for sale by private treaty.

Located at the north-eastern part of the basement retail floor, the space has a rectangular configuration and two access points which make it ideal for various retail and entertainment/recreation businesses.

The lot can also potentially be subdivided into smaller units, which may attract a wider range of retail operators, said Donald Goh, director of investment sales at Savills Singapore.

He added: "The various government measures that were introduced at controlling speculation in the residential property market have spurred strong demand for retail space. Caveats for retail space in the eastern region like East Village, Icon @ Changi and Millage have seen prices ranging from $3,000 psf to $6,000 psf."