A freehold industrial property has been recently put out on sale according to latest industrial reports. The said property which is situated at 14 Genting Road comes with a current asking rate of $15.9 million.
The current land rate of the property is said to be $938.44 psf. The freehold property site area measures 5,758 square feet while the gross floor area measures to 16,943 square feet.
It is a 5 storey building that currently holds production houses in the first three levels while the 4th and 5th floors are used as secondary workers’ dormitory with 68 beds in total.
The freehold property was earmarked as an Industrial (B1) property under the Master Plan sketched in 2014. The property can only be used for clean light industrial purposes. The permissible plot ratio is of 2.5 which has been mentioned under the Master Plan.
The property has approval for use as secondary workers’ dormitory while end users can utilize the ground floor area for operating clean and light industries that require some amount of production along with ancillary offices and storage spaces.
According to Knight Frank Singapore the marketing agent for the freehold property, it is an excellent investment for buyers who want to get immediate income from the property.
According to the head of industrial and the executive direction of Knight Frank Singapore, Tan Boon Leong, the property will attract investors who want to immediately earn after the sale is completed.
Moreover, he said that there is an opportunity for investors to look for further income yields after they lease out the unoccupied and vacant spaces within the property.
There are several industrial establishments in the vicinity with the likes of Aljunied, MacPherson, Tai Seng, Kallang, Ubi and Kim Chuan running operations here.
It was informed that the last date for submissions of expression of interest is 13th March, 3 PM