A prominent industrial building, Ching Shine Industrial Building, has been put up for collective sale by tender with a minimum price of $113 million, according to the sole marketing agent, JLL. The freehold building boasts 52 strata units and a 100m frontage along Shaw Road. With a total land area of 49,308 sq ft and a gross floor area of approximately 137,341 sq ft, it presents an attractive opportunity for prospective buyers.
Originally built in the early 1980s, the property is zoned as “Business 1” with a gross plot ratio of 2.5 under URA Master Plan 2019. JLL has confirmed that over 80% of the owners have consented to the collective sale at the minimum price of $113 million. This price equates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.
The agency also notes that, subject to URA approval, the site has the potential to be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the necessary buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has also expressed their non-objection to the proposed food factory.
On the other hand, JLL suggests that the freehold asset could also serve as an ideal investment opportunity for family offices seeking long-term growth, as well as owner-occupiers looking to establish a corporate presence. Nicholas Ng, senior director of capital markets at JLL Singapore, believes that the site would also attract developers, given the absence of additional buyer stamp duty which could impact project timelines.
Conveniently situated near major expressways such as PIE, CTE, and KPE, and within walking distance from Tai Seng MRT Station on the Circle Line, the property is located in the bustling Tai Seng Industrial estate. It is also surrounded by popular food factories, including Breadtalk IHQ, Sakae Building, and Food Empire Building, as well as amenities like Grantral Mall @ Macpherson and 18 Tai Seng.
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Recent transactions in the area, such as the November 2023 sale of Noel Building, a freehold Business 1 industrial building at 50 Playfair Road for $81.18 million, 17% above its $70 million guide price, demonstrate the strong demand for such assets. Ng predicts a similarly competitive response for Ching Shine Industrial Building.
The tender for Ching Shine Industrial Building will close on April 3 at 3pm. Potential buyers should act swiftly to secure this prime industrial asset in a highly sought-after location.