SINGAPORE (EDGEPROP) – JLL said on April 23 that it is pleased to launch for sale by Expression of Interest, 9 and 11 Third Chin Bee Road – two “Business 2” industrial properties in the established industrial estate of Chin Bee.
Image credit: JLL
The industrial properties consist of two buildings containing warehousing, production and office spaces, interlinked by a covered yard for the loading and unloading of goods.
The two adjoining facilities are currently used for the warehousing and distribution of paper products. They sit on a leasehold site of 67,429 sq ft, which has a plot ratio of 2.5 and has a balance lease of approximately 20 years. The current total gross floor area (GFA) is approximately 54,510 sq ft.
Nicholas Ng, Senior Director, Capital Markets, JLL, commented: “These properties will be a good fit for companies looking for a corporate presence or to expand within the Chin Bee Industrial Estate. The site is currently built up to a 0.8 plot ratio and has the potential to be refurbished and redeveloped, to maximise its plot ratio by an additional 114,062 sq ft of GFA.”
Situated within the established housing estate of Jurong, the two industrial properties are in close proximity to the upcoming Enterprise MRT station. The Integrated Jurong Point is just a 10-minute bus ride away and provides commuters with many conveniences as there is an MRT, bus Interchange, shopping mall, clinic, numerous eateries and shops.
In addition to being located near established housing estates, the two industrial properties are also highly accessible via the Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE). The two industrial properties are surrounded by Sunlight, Clariant, Kally Packaging, Beacons and Dynacast.
“The vibrant dynamics of the industries there are further enhanced by the high demographics of workers from the surrounding housing estates and excellent connectivity to various parts of the island. The properties available for sale have high visibility of 96m frontage onto third Chin Bee Road. They also have three separate access points, which will allow the user to plan better traffic around the factory”, says Mr Ng.
The vendor is seeking offers in excess of $9 million for the two industrial properties.
The Expression of Interest for two industrial properties will close on Tuesday, 28 May 2019, at 2.30 p.m.
The sale of the two industrial properties comes at a time when the industrial property market is steadily improving in health. This improvement in the industrial property market comes at the back of a strong pick-up in leasing transactions to a record high. This has likely been underpinned by the more upbeat business sentiment alongside the positive economic and manufacturing data, which has emboldened more tenants and industrialists to review their real estate options.
Leading real estate observers have said that they were optimistic that the industrial property market will likely bottom within the next 12 months, barring any unforeseen external shocks. They took into account the tapering pipeline supply that will allow demand to play catch up amid the positive economic outlook, barring any unforeseen external shocks.
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