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The price works out to $692 psf. Photo: Ascendas Reit.
Wisma Gulab, an industrial building along 190 MacPherson Road, has been sold to Heap Seng Group for $88 million.
The price works out to $692 psf based on the property’s net lettable area of 127,240 sq ft (11,821 sq m), revealed Colliers International, which brokered the deal.
Located at the corner of MacPherson Road and Genting Road, the nine-storey building is nestled on a freehold site, measuring 54,576 sq ft – making it the biggest freehold industrial site to be transacted since July 2017, when Citimac Industrial Complex was sold en bloc for $430.1 million.
The site, which is situated within the Kallang Way subzone, is zoned Business 1 for light industrial uses under the 2019 Master Plan.
Colliers noted that Wisma Gulab is acquired with vacant possession.
Enjoying a 150-metre frontage to MacPherson Road, the property is close to the Mattar MRT station on the Downtown Line and Potong Pasir MRT station on the North-East Line. The Changi Airport and the central business district are also a short drive from Wisma Gulab via the Pan Island Expressway.
“We are delighted to have brokered the purchase of Wisma Gulab for Heap Seng Group, which is acquiring the building to accommodate for its business expansion. We believe this is a good acquisition opportunity as industrial properties on freehold land are very rare in Singapore,” said Steven Tan, Senior Director of Capital Markets at Colliers International.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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