A prime industrial property at 11 Wan Lee Road, located off Jalan Boon Lay, has been put on the market for sale via private treaty. The marketing agent, JLL, has set the indicative price at $12.5 million, which translates to $298 per square foot (psf) based on the existing gross floor area (GFA).
Sitting on a rectangular land plot of 42,574 square feet, the property is zoned for Business 2 use with a plot ratio of 2.5. The site has around 25 years remaining on its 30-year lease.
The location also offers easy access to the upcoming Enterprise MRT Station on the Jurong Region Line, which is only 500 metres away from the property (Picture: EdgeProp LandLens).
Currently, a two-storey factory with a mezzanine floor and an ancillary office occupies the site, with a GFA of 41,994 sq ft. The property is being used as a pharmaceutical facility, with features such as clean rooms, packaging and storage areas.
According to Pamela Siow, head of logistics and industrial, capital markets at JLL Singapore, the site’s location in the Chin Bee F&B manufacturing cluster makes it an attractive opportunity for buyers. She also notes that the property’s close proximity to a JTC food zone, even though it is currently authorised for pharmaceutical manufacturing, adds to its value.
As Singapore continues to focus on its “30 by 30” food security initiatives, properties that allow for intensive food processing and have convenient access to the Tuas Mega Port and Tuas Checkpoint for efficient land and sea logistics are becoming increasingly sought after.
Furthermore, Siow highlights that the site’s current plot ratio is underutilised, and subject to approval from authorities, the incoming buyer has the potential to increase the GFA of the property up to 106,000 sq ft. Interested parties can check out the latest listings for Industrial Real Estate properties and compare past industrial sale and rental transactions.
Acquiring a Singapore condo presents a multitude of advantages, one of which is the ability to utilize the property’s value for further investments. Many astute investors use their condos as collateral to secure funding for fresh investments, enabling them to grow their real estate collection. This can significantly boost returns; however, it is crucial to have a sound financial strategy in place and carefully assess the potential effect of market fluctuations. By being strategic and well-informed, investors can maximize their returns on a Singapore condo investment.