SINGAPORE (EDGEPROP) - A freehold industrial building at 21 New Industrial Road, located off Upper Paya Lebar Road, has been launched for sale via an expression of interest exercise with a guide price of $66 million. The property has a site area of 3,368.4 sq m (36,257 sq ft) zoned for Business 1 use with a gross plot ratio of 2.5. ERA Realty Network is the exclusive marketing agent for the property.

The property is located near the junction of Upper Paya Lebar Road and Bartley Road East, with dual road frontage along Lim Teck Boo Road and New Industrial Road. The former comprises mostly landed residential developments, while the latter comprises industrial buildings with restaurants, food courts and child care centre amenities. 21 New Industrial Road is a 15-minute walk from the Bartley and Tai Seng MRT Stations.

Steven Tan, managing director of capital markets and investment sales at ERA, believes the asset will attract keen interest given its freehold tenure, redevelopment potential, and city-fringe location. He adds that the limited supply of such properties and the fact that additional buyer’s stamp duty does not apply to industrial assets will further boost its appeal among prospective buyers, including property developers and private and institutional property investors.

The development site provides a built-to-suit opportunity for industrialists to build customised industrial space or corporate headquarters, adds Desmond Lim, director and head of workspace and culture, capital markets and investment sales at ERA. “The successful developer could consider redeveloping the site into a green building that incorporates sustainability and wellness features conducive to the environment and the users.”

ERA adds that given the tight supply of warehouses, the site could be redeveloped into a warehouse. Its city-fringe location makes it an ideal property for “last mile” distribution purposes. It is also well-positioned for self-storage spaces, given the building’s proximity to nearby residential enclaves such as Bidadari, Bartley and Woodleigh.

The expression of interest exercise for 21 New Industrial Road will close on April 26 at 3pm.

Check out the latest listings near New Industrial Road, Upper Paya Lebar Road, Tai Seng MRT Station