SINGAPORE (EDGEPROP) - An industrial property at 1 Jalan Lembah Kallang, off Bendemeer Road, is on the market with an indicative price of $7.5 million, says marketing agent Knight Frank Singapore.

The property is a detached factory that comprises a three-storey office building and a single-storey workshop with a total gross floor area of around 6,000 sq ft. It sits on an area of approximately 8,475 sq ft zoned for B1 industrial use, with an allowable gross plot ratio of 2.5. It is on a 99-year leasehold tenure with effect from 1 September 1964.

Read also: Adjacent factory sites at Jalan Lembah Kallang for $17 mil

Knight Frank Singapore says the site can be redeveloped into another industrial property with a total build-up area of approximately 21,000 sq ft. The ground rent for the site is $1 per annum.

“Highly accessible industrial land with redevelopment potential like these are rare and continue to be trophy assets for end-users,” says Alvin Teng, director of industrial capital markets, Knight Frank Singapore. “The long remaining land lease with a nominal land rent payable, coupled with an under-utilised plot ratio, provides for further upside,” he adds.

The property is within a three-minute walk to Bendemeer MRT Station on the Downtown Line and a 10-minute walk to Boon Keng MRT Station on the North-East Line. It is also accessible via the Pan-Island Expressway, East Coast Parkway and Central Expressway.

Check out the latest listings near 1 Jalan Lembah Kallang, Bendemeer MRT Station, Boon Keng MRT Station