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Sale by Expressions of Interest closing on Thursday 25 June 2015, 3 pm
SINGAPORE, 13 May 2015 - JLL has been appointed by a major Japanese semiconductor company as the exclusive marketing agency for the sale of 38 Ang Mo Kio Industrial Park 2. This offering presents a rare opportunity to acquire a quality "Business 2" zoning, industrial asset located in Ang Mo Kio Industrial Park 2.
There has only been two sizable transactions in the Ang Mo Kio Industrial Park 2 since 2012, one of them was 14 Ang Mo Kio Industrial Park 2 which was transacted by JLL in 2012 for $24.3 million, with a balance tenure of approximately 27 years. The other was 26 Ang Mo Kio Industrial Park 2 which was caveated at $11.1 million in 2013, with a balance tenure of approximately one year.
The asset consists of three buildings and one annex with production and warehousing areas. It has a gross floor area (GFA) of approximately 341,539 sq ft, sitting on a site of approximately 177,604 sq ft with a remaining tenure of about 26 years. The property sits in the Business 2 zone and has a plot ratio of 2.5. It is situated in an established industrial estate along Ang Mo Kio Industrial Park 2 close to the Ang Mo Kio, Serangoon, Hougang and Bishan housing estates. The property is also highly accessible via Central Expressway, with public transport readily available along Ang Mo Kio Ave 3, Ave 5 and with Ang Mo Kio MRT station located less than two kilometres away. Neighbouring businesses include Seagate, HW Holdings, Gain City, Daikin, ST Microelectronics and Fuyu.
Nicholas Ng, Local Director of Investments at JLL, commented: "In light of the limited large centralised Business 2 industrial space coming into the market and available for sale, we expect strong response from the market, especially given the central location. The potential for this asset to be refurbished presents an excellent opportunity for SMEs or larger organisations looking to expand their business or headquarters as the current owner is relocating. It also offers an excellent opportunity for MNCs looking for expansion space or wishing to establish a base in Singapore. The vendors are looking at a price of more than $55 million, which works out to be above $160 psf on gross floor area. The built-up of the existing factory will save these firms a substantial amount in upfront capital expenditure and allow them to start operations early, as opposed to a greenfield option where cost and time will have to be incurred in the construction of new premises."
The property will be sold by Expressions of Interest which will close at 3pm on Thursday 25 June 2015.
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