An attractive proposition for property developers and institutional investors into a strata-titled re-development

A freehold industrial building located at 21 New Industrial Road, off Upper Paya Lebar Road, is available for sale, with an approximate value in the range of $71million. The building will be auctioned through a public auction that expires on June 30 in accordance with a press release issued on May 18 from ERA Realty Network, the sole marketing agent for the property.

The Reserve Residences Far East partnership duo emerged winners for submitting a winning bid of $1.03 billion.

The property at 21 New Industrial Road is zoned “Business 1” with the gross plot ratio of 2.5 in the latest masterplan. It has a dual road frontage with one on Lim Teck Boo Road and the other on New Industrial Road.

The property is situated within Bartley as well as Tai Seng MRT Stations on the Circle Line as well as road connectivity via Upper Paya Lebar Road and Bartley Road East. It is also near to Paya Lebar ipark which houses offices for businesses like Mapletree 18, Breadtalk, Sakae Sushi, and Charles & Keith.

“Singapore is set to benefit from the growth in both local and foreign investments in the industrial and commercial property sectors. It’s not often that you see an industrial freehold development with potential for redevelopment in a city-fringe property being sold on markets,” claims Steven Tan the managing director of investments and capital markets of ERA Realty.

He anticipates high demand by property developers as well as institutional investors in particular because it is possible that the property could be developed as a strata-titled project or even a multi-user or single-user corporate headquarters.