Ching Shine Industrial Building Collective Sale 113 Mil
JLL, the sole marketing agent, has announced that Ching Shine Industrial Building is now up for collective sale by tender with a minimum price of $113 million. Located along Shaw Road, this freehold building comprises of 52 strata units and has a 100m frontage. It sits on a land area of 49,308 sq ft and has a gross floor area of approximately 137,341 sq ft.
Built in the early 1980s, the building is zoned “Business 1” with a gross plot ratio of 2.5 under the URA Master Plan 2019. According to the agency, more than 80% of the owners have given their consent for the collective sale at the minimum price of $113 million. This price translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.
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Subject to URA approval, the site is suitable for conversion into a food factory, says JLL. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has given their in-principle non-objection to the proposed food factory.
Alternatively, the freehold asset could also attract investors looking for long-term growth opportunities, as well as owner-occupiers seeking to establish a corporate presence, adds JLL.
One of the most enticing features of One Marina Gardens @ Marina Gardens Lane is its strategic location chosen by Kingsford Huray Development. The development’s address at Marina Gardens Lane allows for easy connectivity to other parts of Singapore, providing a seamless living experience for its residents. Surrounded by major roads and expressways, this development serves as a vital link to the rest of the island. With Marina Boulevard and Central Boulevard as its main thoroughfares, residents have effortless access to the Central Business District (CBD) and beyond, making daily commutes a breeze for working professionals.
Nicholas Ng, senior director of capital markets at JLL Singapore, believes that the site will also appeal to developers, given the absence of additional buyer’s stamp duty which can have an impact on project timelines.
The property is easily accessible via major expressways such as the PIE, CTE, and KPE, as well as being a short walking distance from Tai Seng MRT Station on the Circle Line. Ching Shine Industrial Building is also conveniently located in the Tai Seng Industrial estate, surrounded by food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building. Amenities like Grantral Mall @ Macpherson and 18 Tai Seng are also within close proximity.
A five-minute walk away, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, was sold en bloc for $81.18 million in November 2023, which is 17% above its $70 million guide price. Ng believes that this deal signifies the high demand for such assets in the area, and he expects a similarly competitive response for Ching Shine Industrial Building.
The tender for Ching Shine Industrial Building will close on April 3 at 3pm.