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CapitaLand Development submits $368.9 mil bid for Kallang Way industrial GLS site

/ EdgeProp Singapore |

October 2, 2024 6:20 PM SGT

The new development will serve a spectrum of food-related end-users including manufacturers, caterers, storage, and central kitchen operators. (Picture: CapitaLand Development)

CapitaLand Development has submitted the top bid of $368.9 million for an industrial government land sale (GLS) site at Kallang Way.

In a press release issued on Oct 2, CapitaLand Development says that if it wins the tender, it plans to build a nine-storey food facility featuring a 40-ft container ramp up access and unit configurations with flexibility for expansion.

An affiliate of Fraxtor Group was a capital partner with CapitaLand Development in this tender. Fraxtor is a regulated real estate investment platform.

Read also: CapitaLand to develop 2,150-unit residential project in Hanoi

The 474,591 sq ft site, which has a land tenure of 33 years, was launched for sale on June 25 and the tender closed on Oct 1. According to JTC, the industrial B2 site can be developed into a new food facility with a maximum permissible gross floor area of 1.23 million sq ft.

The site is in the Kolam Ayer industrial estate, and is close to Paya Lebar, Macpherson, and Geylang. It is connected to the Pan Island Expressway (PIE) and Aljunied, Geylang Bahru, Macpherson, and Mattar MRT stations.

The new development will serve a spectrum of food-related end-users including manufacturers, caterers, storage, and central kitchen operators. It will also feature more than 10,760 sq ft of retail space to enhance the business mix. The developer also adds that it had adaptive reuse plans for the existing 1980s three-storey terrace showroom factory cluster on site.

“CapitaLand has a strong development track record that includes food and industrial properties in Singapore,” says Tan Yew Chin, CEO of CapitaLand Development (Singapore), adding: “Our extensive relevant experience allows us to understand customers and develop a product meeting the evolving needs of the industry, including the pursuit for operational efficiency”.

Tags:

Industrial Government Land Sales (IGLS)Kallang Way Capitaland Development

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