TWO industrial properties – a warehouse at 12 Tagore Drive and two strata units at 205 Henderson Road – are going up for sale, with indicative prices of S$55 million and about S$8 million respectively.
The properties will be put up for sale via an expression of interest (EOI) exercise on Tuesday, marketing agent Colliers International said in a statement on Monday.
The property at 12 Tagore Drive is a four-storey freehold warehouse with a site area of 5,355 square metres (sq m) or about 57,641 square feet (sq ft).
At the indicative price, this translates to S$573 per square foot (psf) based on an existing gross floor area (GFA) of 95,819 sq ft.
Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned as Business 1 with a plot ratio of 2.0, translating to a maximum allowable GFA of 10,710 sq m or about 115,281 sq ft.
Subject to the relevant approvals, the site could be redeveloped to maximise the GFA, Colliers said.
It added that the property, which is located in the established industrial cluster of Tagore, enjoys “strong connectivity” via major arterial roads and expressways, including Upper Thomson Road, Yio Chu Kang Road, the Seletar Expressway, Tampines Expressway and Central Expressway.
The upcoming Lentor Mass Rapid Transit (MRT) station nearby will also offer greater accessibility, when it is in operation after July.
Colliers International’s senior director of capital markets and investment services Steven Tan said the Tagore property presented a “rare opportunity” for buyers to acquire a freehold warehouse in an established industrial location.
It also offers buyers the flexibility to redevelop the property to maximise the GFA for their own use, or move in immediately for their business operations, he added.
Mr Tan expects the property to attract developers looking for freehold industrial redevelopment sites.
Meanwhile, the two freehold strata industrial units at 205 Henderson Road are located in Henderson Industrial Park, which is within the Bukit Merah planning area.
Both units are vacant, and are to be sold with vacant possession.
The total strata area for the two industrial units is 1,105 sq m or about 10,926 sq ft. This translates to about S$730 psf on strata area, based on the indicative price.
The property is an 11-minute drive from the central business district. It is served by major arterial roads and expressways, including Jalan Bukit Merah, Henderson Road, the Ayer Rajah Expressway and Central Expressway.
Bukit Merah Bus Interchange is also located nearby, providing an alternative transport option for employees and customers, Colliers said.
Both units are in Bukit Merah – a “well sought-after industrial location for industrialists”, said Mr Tan.
They are “excellent for end-users looking for showroom or warehousing space for their business operations”, he added.
Colliers Research forecast that the industrial property supply would taper off in the next five years, Mr Tan said.
He added: “Industrial assets command higher yields than office and retail assets, and remain the most insulated compared to other asset classes in this pandemic.”
The EOI for both properties will close at 3pm on Aug 4.