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Jones Lang LaSalle call for expressions of interest in the sale of 18 New Industrial Road
SINGAPORE, 1 September 2010 - Jones Lang LaSalle is the exclusive marketing agent to SGX for the sale of 18 New Industrial Road. This offering presents a rare opportunity to acquire a good quality light industrial asset with “Business 1” zoning located on freehold land. Sites with “Business 1” zoning on freehold land are scarce, and provide the owner with the advantage of no ongoing land rental payments, or the need to deal with requirements or uncertainty pertaining to the renewal of a short-term land lease. The building has a site area of 30,221 sq ft, and will be sold with vacant possession to give the new owner flexibility of owner occupation or leasing to a third party occupier. The site enjoys good vehicular access from the KPE tunnel, and has benefited from the recent upgrade to public transport infrastructure including the addition of the nearby Bartley and Tai Seng MRT stations on the Circle Line. The site is surrounded by a mixture of new high-tech buildings and traditional multi-storey industrial units, nearby occupiers including FujiFilm and ST Electronics. The newly created UE Print Hub has added to the neighbourhood positioning as a high-tech industry area. Mr Anthony Barr, National Director – Investments, at Jones Lang LaSalle commented “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.“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,” Mr Barr added.In light of improved global economic conditions, Jones Lang LaSalle reports an increase in demand for industrial space, strong growth in manufacturing and electronic sectors and a holds a positive outlook for rentals in both high-tech and conventional space. The site has a Gross Floor Area (GFA) of 70,123 sq ft, Net Lettable Area (NLA) of 52,564 sq ft and 23 car parking lots. The subject property will be sold by Expressions of Interest; initial submissions are due on 1 October 2010 (Friday). Enquiries should be directed to Anthony Barr on +65 6494 3889.
+65 6494 3889