SINGAPORE (EDGEPROP) - An industrial property at 22 Tampines Street 92 has been put up for sale via an expression of interest (EOI) exercise at $15.9 million, with ERA Realty Network as its exclusive marketing agent.

The property comprises a single-storey car workshop and a three-storey ancillary office. It spans 71,249 sq ft and has a floor area of 52,258 sq ft.

The land lease on the 30-year leasehold site started in 2020, and according to ERA, with a gross plot ratio of 2.5, the existing property is below the allowable maximum built-up area and has ample headroom for future expansion.

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Desmond Lim, director of capital markets and investment sales at ERA Singapore, notes that the site’s rectangular-shaped, versatile layout makes it ideal for businesses that require a functional workspace and administrative offices.

He adds that the site has significant redevelopment potential. “It could be redeveloped with manufacturing, production, assembly, repair and servicing, storage or industrial training services in mind,” Lim says.

As the site is zoned for Business 2 use under the 2019 Master Plan, it can be used for lighter industrial uses, such as core media services, Lim adds. This includes production services that require technical facilities comprising film studios or high-tech production software or hardware, or e-businesses, such as telecommunications, internet service providers, data farms or data centres.

The property is located just outside the Pan-Island Expressway turnoff and is minutes away from the Tampines Expressway.

The sale of the site is subject to approval by JTC Corporation, and the EOI exercise closes on Nov 27.

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