SINGAPORE (EDGEPROP) - A three-storey industrial building at 1 Ang Mo Kio Street 63 is on the market for $27 million. According to a press release sent by CBRE on May 19, the property will be sold through private treaty. CBRE is the sole marketing agent for the industrial site.

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The building sits on an 87,340 sq ft site with a 30+30 year tenure that started from April 1, 1987. This means that 26 years are left on the lease. The plot is zoned “Business 2” with a gross plot ratio of 2.5 under the latest master plan. Thus, the site could be redeveloped into a new industrial building with a potential built-up area of 218,350 sq ft, says CBRE. The existing development has a total gross floor area of 116,768 sq ft.

The existing building features a large loading area, a carpark, and an ancillary office and staff canteen. It also includes warehouse space on the first and second floors, while the third floor serves as a R&D and quality control centre. The four loading bays on the ground floor comprises two 2-tonne cargo lifts that access all floors.

According to Graeme Bolin, head of occupier and leasing, industrial and logistics services, at CBRE Singapore, the property “will appeal to industrialists looking for presence in an established technology cluster, industrialists in advanced manufacturing, hi-tech and semiconductor sectors”.

He adds that the vicinity does not offer other large industrial sites for redevelopment, and the currently underutilised plot ratio would yield more space for owner-occupiers. “We are optimistic that 1 Ang Mo Kio Street 63 presents a timely opportunity for investors and owner-occupiers alike,” says Bolin.

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