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The property could be redeveloped into a strata-titled development, or a single or multi-user corporate headquarters. An attractive proposition for property developers and institutional investors.
SINGAPORE (EDGEPROP) - A freehold industrial building at 21 New Industrial Road, off Upper Paya Lebar Road, has been put up for sale with an indicative price of $71 million. The building will be offered in a public tender that closes on June 30, according to a press release on May 18 by ERA Realty Network, the sole marketing agent for this property.
The building at 21 New Industrial Road is zoned “Business 1” with a gross plot ratio of 2.5 under the latest masterplan. It has a dual road frontage, one along Lim Teck Boo Road and the other along New Industrial Road.
The property is located between Bartley and Tai Seng MRT Stations on the Circle Line, and has road connectivity through Upper Paya Lebar Road and Bartley Road East. It is also close to Paya Lebar ipark, which contains offices for companies such as Mapletree 18, Breadtalk, Sakae Sushi, and Charles & Keith.
“Singapore is poised to benefit from the pick-up in foreign and local investment in the commercial and industrial property sectors. It is rare to see a freehold industrial development with redevelopment potential at a city-fringe location being offered in the market,” says Steven Tan, managing director, capital markets and investment sales, at ERA Realty.
He expects strong interest from property developers and institutional investors, especially as the property could be redeveloped into a strata-titled development, or a single or multi-user corporate headquarters.