The seven-storey Hong Aik Industrial Building at Kallang Avenue is on the market for $96 million. The property is to be sold by an expression of interest (EOI) exercise by SRI.

The freehold property is zoned Business 1 with a land area of 18,675 sq ft and a built-up area of 67,070 sq ft. The sale price, therefore, works out to $1,431 psf based on built-up.

According to Evan Chung, managing partner of SRI Industrial, the property has a main road frontage and falls within the URA’s Master Plan to revitalise the Kallang River area. The plan calls for more new housing, upgrading of ageing industrial estates, and the transformation of Kallang Basin into a sports and recreational venue.

Read also: Eight freehold industrial units at M-Space to be sold from $1,230 psf

The building is near two MRT stations: Lavender on the East-West Line and Bendemeer MRT Station on the Downtown Line. Aperia Mall, CT Hub, CT Hub 2, and the Victoria Wholesale Centre.

The EOI exercise closes on Mar 28.