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A large-sized industrial redevelopment site at 118 Pioneer Road has been put up for sale, Colliers International announced Monday (16 May).
The site, located at the corner of Tuas West Road and Pioneer Road, has a site area of approximately 173,225 sq ft. It currently houses a three-storey detached factory with a gross floor area of about 426,868 sq ft. Zoned for Business-2 developments under the 2014 Master Plan, the site has a maximum approved plot ratio of 2.5.
According to Colliers, the property has a remaining tenure fo 39 years. This is compared to new industrial land releases that are usually offered on 20-year lease terms.
“We expect keen interest in this site as it is suitable for most industrial trade including qualified developers,” said Colliers International executive director of Industrial Services, Lim Kien Kim, adding that the potential value of such property is in excess of S$45 million.
“The site has huge redevelopment potential and the eventual buyer will benefit from being able to fully exploit the size of the land and its accessibility options as major transport infrastructure improvement works are in progress,” he added.
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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