Industrial Site Up For Sale

Jones Lang LaSalle (JLL) has launched a site for sale at 18 New Industrial Road.

The site has been zoned “Business 1” and is located on freehold land, providing its owner the benefit of no ongoing rental payments, or the need to cope with requirements or uncertainty relating to the renewal of a short-term land lease.

With a site area of 30,221 sq ft, the building will be sold with vacant possession, giving the new owner the flexibility of owner occupation or leasing to a third-party occupier.

The site has a gross floor area of 70,123 sq ft and a net lettable area of 52,564 sq ft, as well as 23 car parking lots.

“With the strong economic growth forecasts for Singapore, and little in the way of new supply of new industrial units, conditions are favorable for both rental and capital value growth in industrial real estate,” said Mr. Anthony Barr, National Director for Investments at JLL, which is the sole marketing agent for the sale of the site.

“We expect strong response from the market given the popularity of this area with high-tech occupiers. The capacity for this asset to be refurbished as a high-tech industrial building presents an excellent opportunity for corporate headquarters. With rents in the CBD on the rise, we have seen renewed interest from corporates wanting to relocate to decentralized areas for either headquarters or back of office operations,” added Mr. Barr.

The property will be sold by Expressions of Interest, with initial submissions due on October 1.