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News Release

Singapore

Opportunity to acquire a light industrial (Business 1) building within Kallang Industrial Estate

JLL appointed exclusive agent for Sale by Expressions of Interest (EOI) closing on 29 April, 2014


​Singapore, 31 MARCH 2014 - JLL is the exclusive marketing agent for the sale of 12 Kallang Way, a light industrial building in the established Kallang Industrial Estate.

The asset consists of a five-storey industrial building with large efficient floor plates in the ‘Business 1’ zone with a plot ratio of 2.5. With a GFA of approximately 116,940 sq ft, the property sits on a leasehold site of 51,264 sq ft with a remaining term of about 34 years.

The asset is within walking distance to the upcoming Mattar MRT station, with the Central Business District (CBD) and Pan Island Expressway (PIE) both a short drive away. Other industrial buildings in the vicinity include Wincor Nixdorf, Infineon, Epcos and SPH Media Centre. New developments in the area include Macpherson Mall, an integrated hotel and commercial development at the junction of Macpherson and Upper Aljunied Road.

Nicholas Ng, Local Director of Investments at JLL, comments, “ Similar industrial buildings that are centrally located are usually in demand, as noted from our marketing of similar properties at Kallang Bahru and Kallang Junction last year. Under the government land sales program, no centrally located Business 1 industrial sites were released for sale last year and the two Business 1 sites that were released for sale during the first half of this year are in the north region with a lease tenure of 30 years.”

He added: “The factory would be a good fit for SMEs and MNCs looking at expansion, in an established industrial estate that is centrally located. The subject property’s current facility also has the potential to be refurbished and 11,220 sq ft of GFA could potentially be added to maximise its plot ratio. The asking price for the subject property is $25 million, which works out to approximately $213 psf on GFA.”

The subject property will be sold by Expression of Interest and will close at 3pm on Tuesday 29 April 2014. Last year, JLL sold 201 Kallang Bahru and 3 Kallang Junction.