SINGAPORE (EDGEPROP) – JLL on August 6 announced the sale of Zone 2 Industrial Building. The prominent real estate services company which is the sole marketing agent for the sale said the “Business 2” zoned industrial building located in an established industrial estate at 3 Gul Crescent near the Gul Circle MRT station would be a quality purchase.

The Zone 2 Industrial Building consists of two large buildings interlinked together, comprising warehousing, production, office areas, loading and unloading bays and a large open yard space. It has a gross floor area (GFA) of approximately 64,495 sq ft. sitting on a leasehold site of 117,499 sq ft with a balanced lease of approximately 22.5 years. The property sits in the “Business 2” zone and has a plot ratio of 1.4.

Situated within the established Gul industrial estate, the Zone 2 Industrial Building is in close proximity to the Gul Circle MRT station. The Integrated Joo Koon Transport Hub is just a 10-minute bus ride away and provides commuters with many conveniences as there is a bus Interchange, NTUC Warehouse Club, clinic, and numerous eateries and shops. It is also highly accessible via the Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE), in addition to being located near established housing estates.

Nicholas Ng, Director, Capital Markets, JLL, commented: “This property will be a good fit for companies looking for a corporate presence or to expand within the Gul Industrial Estate. The site is currently built up to a 0.55 plot ratio and has the potential to be refurbished and redeveloped to maximise its plot ratio by an additional 100,004 sq ft of GFA. The built up of the existing two warehouses with large floor plate, high floor loading and high ceiling is well maintained, will allow an end user to move in easily to optimise the space. The potential buyer could also eventually expand on this site and maximise on the potential GFA in the near future.”

The vendors, an import and distribution business servicing the print industry, are relocating from the Zone 2 Industrial Building in order to optimise their operations, and are seeking offers in excess of S$13 million. The Expression of Interest will close on 14 September 2018, at 3.00 p.m.

An earlier report by JLL referencing the second consecutive quarter of modest industrial rental correction said the industrial property market may be nearing the bottom. The report suggested that the uplift in trade and economic activity that started since end-2016 is finally translating into improved industrial occupier sentiment, paving the way for the potential bottoming of the industrial property market in 2018.

JLL said that its observation takes the cue from JTC’s industrial property market statistics released on 26 April. JTC’s statistics showed the all-industrial property rental index posted a second consecutive quarter of modest 0.1% q-o-q decline, while prices recorded a similarly mild 0.1% q-o-q correction in 1Q18. These had come on the back of a second consecutive quarterly decline in the islandwide vacancy rate to 11.0% as of 1Q18.

“We have observed a pick-up in leasing enquiries from industrialists reviewing their real estate options in 1Q18,” said Tay Huey Ying, JLL’s Head of Research and Consultancy.

She added: “This stems from improved business sentiment amid the sustained steady economic, manufacturing and trade activities.”

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