A pair of single-storey warehouse buildings at 3 Gul Crescent is available for sale from $13 million, announced marketing agent JLL. The buildings sit on a 117,499 sq ft leasehold site zoned for “Business 2” use, with a balance lease of about 22.5 years. This means the land rate for the site will be about $110.6 psf.
The vendors are in the import and distribution business servicing the print industry, and are relocating to optimise their operations. The two interlinked buildings, which are in the established Gul Industrial Estate, comprise warehouse, production, and office areas, as well as loading and unloading bays. There is an open yard space at the site.
(Picture: JLL)
The site has a plot ratio of 1.4, but is currently only built up to a 0.55 plot ratio with a total gross floor area (GFA) of about 64,495 sq ft, says Nicholas Ng, director of capital markets at JLL. The site has the potential to be redeveloped to maximise its plot ratio, by adding another 100,004 sq ft of GFA, subject to approvals, he adds.
“This property will be a good fit for companies looking for a corporate presence, or to expand within the Gul Industrial Estate,” he says.
The expression of interest exercise will close on Sept 14.