SINGAPORE (EDGEPROP) - Two adjacent factory sites at 1 and 3 Jalan Lembah Kallang are on sale for $17 million and will be sold in an expression of interest (EOI) exercise. Savills Singapore is the sole marketing agent for the properties.
Both plots are zoned under Business 1 Industrial, and the surrounding area includes light industrial, commercial, and some residential developments. The sites are close to Bendeemer and Boon Keng MRT Stations, and are connected to the Kallang-Paya Lebar Expressway and Pan-Island Expressway.
According to Savills, the properties are on adjoining plots that can be purchased jointly or seperately.
The first site at 1 Jalan Lembah Kallang has a land area of 8,475 sq ft and a 99-year lease that began on Sept 1, 1964. It comprises a detached factory with a three-storey front office building and a rear single-storey workshop. The buildings have a gross floor area of about 6,000 sq ft. The floor area of this site can potentially be redeveloped up to 21,000 sq ft.
The neighbouring site at 3 Jalan Lembah Kallang has a land area of 8,544 sq ft, and a 99-year lease that began on July 1, 1964. The site has a detached two-storey factory of 5,600 sq ft and an open yard workshop of 950 sq ft. The total gross floor area is 6,550 sq ft.
“With an allowable gross plot ratio of 2.5 [for both sites], and a long remaining land lease with no ground rent payable for either property, we expect interest from buyers seeking to redevelop the site into their customised corporate headquarters in a superior city-fringe locality,” says Sharon Teo, managing director of business space at Savills Singapore.
The EOI exercise closes on Sept 30.
Check out the latest listings near Jalan Lembah Kallang, Bendeemer , Boon Keng, Kallang-Paya Lebar Expressway and Pan-Island Expressway
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