The property has a site area of over 500,000 sq ft with waterfront access. (Photo: Huttons Asia)
SINGAPORE (EDGEPROP) - A shipyard at 1 Benoi Road has been launched for sale via an expression of interest (EOI) exercise at a guide price of $11.3 million. The property has a site area of over 500,000 sq ft with waterfront access.
The property includes, among others, a two-storey office block with a single-storey annexe office, three blocks of single-storey workshop, a mould loft building, a fabrication workshop and wharf. “The property is suitable for shipbuilding, ship or vessel repair and maintenance,” says marketing agent Huttons Asia in a press release.
The property is located at the junction of Benoi Road and Pioneer Road, within Jurong Industrial Estate, and is approximately 24km from the City Centre. It is situated near housing estates such as Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. The nearby Ayer Rajah Expressway and Pan-Island Expressway facilitate access to other parts of the island. Joo Koon MRT Station is a five-minute drive away from the property.
Recent transactions of industrial property on Benoi Road (Source: EdgeProp Research tool)
Isabel It, associate division director of Huttons Asia, says the plot is regular in shape with a corner frontage of about 255m on Benoi Road and Pioneer Road, with an average plot depth of about 213m. To its east, the land has a roughly 230m frontage along the waterfront. “The land is generally at an access-road level with a flat contour,” It adds.
Lee Sze Teck, senior director of research at Huttons Asia, says the last known sale in Benoi for similar usage, based on caveats lodged, was a 328,105 sq ft plot at 5 Benoi Road in December 2020 at $10.5 million. Within the wider vicinity, an existing shipyard with a site area of about 1.5 million sq ft at 55 Gul Road – about a 10-minute drive from 1 Benoi Road – was acquired by ST Engineering for $95 million in February.
Lee believes that the latest property for sale is suitable for companies looking to expand their business, as a plot of land of such size meant for vessel building or maintenance usage is rarely available for sale.
The sale is subject to approval from relevant authorities. The EOI exercise for the property will close on April 27 at 3pm.
Check out the latest listings near Benoi Road, Jurong Industrial Estate