Within about two centuries, the long stretches of sandy beaches in Pasir Panjang (means long sand in Malay) transformed into agricultural lands and later industrial, playing an important role in politics and war in between.
Presently, it is an amalgamation of residences, industries and recreation centres at an enviable location, within 10 minutes drive from CBD (Central Business District).
So, the Century Warehouse En Bloc sale comes as a pleasant surprise for someone looking to invest in Industrial property.
Knight Frank, the property agent, has high hopes to find a buyer for this collective sale, who could either utilize the existing infrastructure or redevelop it in accordance with the revised guideline of November 2014.
According to this revised version, 40% of this B1 zoned property, with an allowable GPR of 2.5 could be utilized for supporting facilities including showrooms, banks/ATMs, minimarts, fitness centres, childcare centres etc.
The initiation of collective sales has been quite amiable with 100% consensus among the owners. In light of this, Tan Boon Leong, Knight Frank’s Executive Director & Head of Industrial, believes that buyers would appreciate and invest into this attractive asset.
With property developer, Tuan Sing Holdings possessing 90% of the strata area comprising 31 strata units, the entire process is expected to be smoothly.
Its Head of Asset & Fund Management, Patrick Tan expects S$50m to S$51m from the proceeds, which they plan to direct into their core residential and commercial investments.
By this exercise, they plan to divest the funds from their non-core industrial investment.
With its attractive freehold tenancy, this property of land area 30,402 square feet houses an eight-storey building with a carpark at the basement.
The 35 strata units occupy a total strata area of 56,539 sq ft.
The owners have decided on a guideline price of S$57 Million, translating the land rate to psf ppr S$750.
Apart from Industrial establishments like Mapletree Business City, and Interlocal Centre OC @ Pasir Panjang that surrounds Century Warehouse, it has a host of lifestyle amenities like Queensway Shopping Centre, Alexandra Retail Centre, Alexandra Central, NTUC Fair Price branches etc.
It is also easily accessible through Pasir Panjang MRT Station and Labrador Park MRT Station.
Several bus stops located at Harbourside Industrial Building, Pasir Panjang Centre and opposite Currency House add more comfort to the commute.
Major arterial roads and expressways such as the Ayer Rajah Expressway and West Coast Highway too are highly accessible from the site.
Knight Frank’s Executive Director & Head of Investment and Capital Markets, Ian Loh finds the close proximity to CBD, the best advantage of the site.
The last transaction on industrial investment involves a foreign company acquiring Citimac industrial complex near Tai Seng MRT Station, that fetched S$430.1 million at psf S$1,047.
The latest collective sale transaction in the vicinity involves Park House at Orchard Boulevard, again a foreign acquisition by Shun Tak Holdings.
With Solicitors Rajah & Tann representing the owners’ interests, this transaction recorded the highest psf ppr of S$2,910, efficiently brokered by CBRE.
With such successful transactions happening around, the fragrance is expected to spread on the Century Warehouse property at 100E, Pasir Panjang Road.