Bookmark & Share
A large two-storey factory in Joo Koon have been put up for sale by expression of interest (EOI), marketing agent JLL said Wednesday (22 July).
Located at 9 Joo Koon Circle, the industrial building zoned Business 2 features a warehouse, production, office areas and a large open yard space. It offers a gross floor area (GFA) of approximately 95,174 sq ft and sits on a 102,478 sq ft site with a balance lease of 4+30 years. The property has a plot ratio of 1.4. It is within proximity to the Joo Koon Integrated Transport Hub.
According to JLL, the property would appeal to companies looking for space to expand within the Joo Koon area.
“With its prominent frontage of approximately 70m along Ayer Rajah Expressway (AYE) and Jalan Ahmad Ibrahim, the company is highly visible and easily noticed. The site is currently built up to a 0.92 plot ratio and has the potential to be refurbished and redeveloped to maximise its plot ratio by an additional 48,296 sq ft of GFA,” said Nicholas Ng, Local Director of Capital Markets at JLL.
“The built up of the existing factory with large floor plate and high ceiling, will save the buyer massive upfront capital expenditure and allow them to start operations early, as opposed to greenfield option whereby cost and time will have to be incurred in the construction of a new premise,” he added.
Recent comparable transaction in the Joo Koon Industrial area was a smaller property at 3 Joo Koon Circle which was caveated at S$16.5 million in November 2014. The property has a balance of tenure of approximately 3+30 years for S$310 per sq ft based on the GFA.
The EOI exercise will close on 3 September.
Image: 9 Joo Koon Circle (Source: JLL)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles:
Business park rents up 1% in Q2: DTZ