10 Jalan Kilang, an 8-storey industrial development off Jalan Bukit Merah has launched an EOI (Expression of Interest) for the light industrial development.
The marketing agent for this sale is CBRE Singapore while interacting with the media revealed the indicative price for this site to be in the range of S$20 to S$25 million.
Along with the basement car park and the roof terrace, this industrial property has 59,236 square feet gross floor area.
The 99-yr leasehold site has been zoned as ‘Business 1’ site and covers an area of 20,584 sq ft and the plot ratio is 2.5. In terms of its lease tenure 42 years still remain.
Rimon Ambarchi, CBRE’s Executive Director of Industrial and Logistics Services said that the property has been offering stable and strong yield to the owners and has a good mix of tenants.
The building currently has about 80% occupancy on it’s of 47,824 sq ft net lettable area. Among the current tenants in the building are business that are engaged in biomedical, shipping and trading, electronics and information technology industries.
Mr Ambarchi added that the attractive property is located on the outer fringe of the Central Business District as well as it enjoys wide prominent frontage along Jalan Bukit Merah which makes it a potentially good investment. Over the last few years it has been sitting on top of the investors’ radar.
He concluded by saying that given the rental upside in the area the buyer would experience instant cash how upon acquiring this property. There is scope to even sell units under the strata-title basis which will help investor get good returns from it.
The EOI exercise for this property shall end on the 5th of April.