JLL, the sole marketing agent for Ching Shine Industrial Building, has announced that the freehold property is up for collective sale by tender with a minimum price of $113 million. The building, which is located at Shaw Road, is comprised of 52 strata units and has a 100m frontage. The site has a total land area of 49,308 sq ft and a gross floor area of approximately 137,341 sq ft.
Built in the early 1980s, the property is zoned under “Business 1” and has a gross plot ratio of 2.5 according to the URA Master Plan 2019. Over 80% of the owners have already given their consent for the collective sale at the minimum price of $113 million. This translates to a unit land rate of about $823 psf per plot ratio at the existing gross plot ratio of 2.79.
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According to JLL, with approval from URA, the site has the potential to be converted into a food factory. This is supported by the confirmation from the National Environment Agency (NEA) that the site meets the buffer requirements for redevelopment into a multi-user factory. The Singapore Food Agency has also given an in-principle non-objection to the proposed food factory at the site.
In addition to this, the freehold property also presents an investment opportunity for family offices seeking long-term growth or for owner-occupiers looking to establish a corporate presence. Senior Director of Capital Markets at JLL Singapore, Nicholas Ng, believes that the property would also attract developers given the absence of additional buyer’s stamp duty.
Ching Shine Industrial Building is easily accessible via major expressways such as the PIE, CTE, and KPE, and is within walking distance from Tai Seng MRT Station on the Circle Line. It is located in the Tai Seng Industrial estate which houses notable food factories including Breadtalk IHQ, Sakae Building, and Food Empire Building. It is also in close proximity to Grantral Mall @ Macpherson and 18 Tai Seng, which provide convenient amenities for residents.
Another property in the same vicinity, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, sold for $81.18 million in November 2023, which is 17% above its $70 million guide price. Ng believes that this transaction demonstrates the strong demand for such assets in the area. He also expects a similarly competitive response for Ching Shine Industrial Building.
The tender for Ching Shine Industrial Building will close on April 3 at 3pm.