SINGAPORE (EDGEPROP) - A B2 industrial building located at 10 Toh Guan Road East, in the Jurong Lake District, has been put up for sale via expression of interest. Cushman & Wakefield is the sole marketing agent for the sale.

The property comprises five floors and a basement carpark. It has a gross floor area of approximately 145,366 sq ft. It is a build-to-suit property that was completed in 2000 for its current anchor tenant, Hitachi Elevator Asia. Besides being the MNC’s regional headquarters, the property is primarily used as a service base for Hitachi Elevator Asia’s distribution centre, sales, repair and maintenance workshop.

There is a balance of 35 years remaining on the property’s 60-year lease, making it an attractive proposition compared to other sites with shorter leases, says Brenda Ong, executive director and head of industrial & logistics, Singapore, at Cushman & Wakefield.

“A private ownership means that there is no restriction on the lease, which translates into a simpler assignment process for the owners, as well as no land rent application for the site,” she adds.

Under the URA Master Plan (2019), the site is zoned for B2 industrial use with a permissible plot ratio of 2.0. Currently, the site has a utilised plot ratio of 1.78.

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The property is within walking distance to Jurong East MRT Station and there is a bus stop located just outside the property.

The expression of interest exercise for the property will close on April 29 at 3pm.

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