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News Release

Opportunity to acquire a rare centrally located light industrial (B1) building in the Kallang vicinity

Jones Lang LaSalle acts as exclusive agent for Sale by Expressions of Interest (EOI) closing on 12 September, 2013

SINGAPORE, 22 July 2013:  Jones Lang LaSalle is the exclusive marketing agent for the sale of 3 Kallang Junction. This offering presents an excellent opportunity to acquire a rare centrally located light industrial building in the Kallang vicinity.
The asset consists of a five storey building comprising of  warehouses, offices and cold rooms, positioned in the ‘Business 1’ zone with a plot ratio of 2.5. With a gross floor area (GFA)  of approximately 74,938 sq ft, the property sits on a leasehold site of 34,161 sq ft with a remaining term of 26 years.
The asset is located in an established industrial estate at Kallang Junction and is in close proximity to several MRT stations, including the proposed Bendemeer MRT station. The  Central Business District (CBD) and the Central Expressway (CTE) are both a short drive away.  Across the road are several new and upcoming developments including CT Hub, CT Hub 2 and Aperia, an integrated project comprising of B1 space and retail components in the Kallang iPark. 
Nicholas Ng, Local Director of Investments at Jones Lang LaSalle, comments, “The subject property is rare and boasts of an unrivalled locality. Such quality Assets are often tightly held by owners which increases their demand. Most of the assets that are available for sale in this area, such as CT Hub and CT Hub 2, are strata titled. We expect a good response to this tender in light of increasing demand from industrialists who prefer central locations that are closer to clients. The property’s location in the Kallang iPark is also positive as the Jurong Town Corporation has plans for a dynamic green industrial park in an urban setting.”

He adds, “The capacity for this asset to be refurbished and potentially increase an additional 10,472 sq ft of gross floor area to maximise the plot ratio, presents an excellent opportunity for SMEs/Corporates looking to gain entry to the Kallang iPark and expand their business or headquarters in an area with excellent infrastructure, easy accessibility and the potential for increasing workforce from the surrounding area.”

The subject property will be sold by Expression of Interest and will close at 3pm on Thursday 12th  September 2013.

Jones Lang LaSalle has recently transacted a further property in the vicinity.  201 Kallang Bahru was sold for S$13.75 million in January 2013, with a site area of 45,224 sq ft and a balance of 18 years remaining on the lease.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 76 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. 

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