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An industrial facility on Jurong Island has been put up for sale by expression of interest (EOI), marketing agency Colliers International said Monday (15 June).
Located at 111 Sakra Avenue (pictured) in Jurong Island, the Teijin Polycarbonate Singapore-owned facility which has two separate entrances, sits on a regularly-shaped 1.5 million sq ft site that has a remaining tenure of 12 years, with an option to renew for another 30 years.
“This is most probably the first in 20 years that land of such a considerable size in Jurong Island is made available for private sale. Long tenure of industrial land leases – in this case, 42 years – is also becoming rare in recent years,” said Colliers International executive director of industrial services, Tan Boon Leong.
Zoned for Business 2 use with a maximum approved plot ratio of 1.0 under the 2014 Master Plan, the site is currently occupied by a purpose-built industrial plant and ancillary buildings.
“Given that the plot ratio is currently under-utilised, there is huge potential for the successful buyer to re-develop purpose-built industrial facilities according to his/her business needs, subject to relevant authorities’ approval,” Leong added.
Colliers said all buildings and plants—except for the sub-stations and two warehouses, which have floor areas of approximately 64,720 sq ft and 58,520 sq ft respectively—will be demolished according to the reinstatement requirement by JTC Corporation. The reinstatement works are expected to be completed by end 2017.
The EOI exercise will close on 12 August.
Image source: Colliers International.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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