Freehold industrial building at New Industrial Road for sale

An exclusive expression of interest exercise has been launched for 21 New Industrial Road, a freehold industrial building located off Upper Paya Lebar Road. Boasting a guide price of $66 million and a site area of 3,368.4 sq m (36,257 sq ft), the Business 1-zoned property has a gross plot ratio of 2.5. Situated near the junction of Upper Paya Lebar Road and Bartley Road East, it offers dual road frontage along Lim Teck Boo Road and New Industrial Road.

ERA Realty Network is the agent in charge of the sale and the building’s prime location will likely attract attention from property developers and private and institutional property investors, says Steven Tan, Managing Director of Capital Markets and Investment Sales at ERA. Not only is the area’s freehold tenure attractive, but being situated in the city-fringe, the property is also exempt from additional buyer’s stamp duty.

Desmond Lim, Director and Head of Workspace and Culture at ERA, adds that the development site provides a great opportunity to build customised industrial space or corporate headquarters. It could also be redeveloped into a green building, incorporating sustainability and wellness features.

Given the tight warehouse supply, the building may also suit potential buyers looking to revamp it into a warehouse. Its location, in addition to nearby residential enclaves such as Bidadari and Woodleigh, makes it suitable for “last mile” distribution and self-storage spaces.

Major property developer Oxley Holdings Tengah Plantation EC and the Singapore Government launch new Tengah Plantation Close EC Development, expected to be completed by 2021, offering great amenities and connectivity to the MRT network.

The expression of interest exercise for 21 New Industrial Road will close on April 26, 3pm. Potential buyers should keep this opportunity in mind and submit their bids before time runs out.