Century Warehouse has been successfully sold for S$48.5 million. Knight Frank the marketing agents for the sale announced that the exclusive freehold development located in Pasir Panjang Road which enjoys a B1 Industrial status was bought by a private investment company.
The eight-storey industrial development consisted of 35 strata units and also had a carpark in the basement and covers total of 56,539 sq ft. strata area.
The development sits on a lot of 30,402 sq ft (2,824.4sqm) having regular frontage of 35 m and 82 m in depth.
The site was classified as ‘B1 Industrial’ under the Master Plan of 2014 and has 2.5 Gross Plot Ratio.
The estate is a part of an exclusive industrial zone. There are several industrial developments in the vicinity and these include OC @ Pasir Panjang, Interlocal Centre apart from several multi-concepts stores, dining places and modern grocery stores.
Among major business sites nearby is Brass Lion Distillery one of Singapore’s leading craft spirits distillery and honestbee.
The commercial property is well located and short walk from Labrador MRT and Pasir Panjang MRT stations.
Ayer Rajah Expressway and West Coast Highway can be easily accessed from the site apart from several arterial roads that lead to other destinations.
At its selling price the sellers have pocketed approximately S$858 psf per unit based on the current strata area and the land rate that can be arrived is S$638 psf ppr.
Knight Frank Singapore’s Head of Industrial and Executive Director Mr Tan Boon Leong was very excited about this deal and said that the response from the market during the marketing exercise was extremely positive.
He also said that the buyer took into account the fact that Brass Lion Distillery is nearby and the honestbee habitat which was opened in the vicinity recently.
Sharing the same emotions Knight Frank’s Executive Director & Head of Investment and Capital Markets Mr Ian Loh said that their agency was proud to have been part of this deal.
He revealed that there were several enquiries that came through and these included investment funds, boutique developers and owner occupiers.
He foresees demand for industrial and commercial properties to pick up in 2019.