A six-storey industrial building at 17 Tai Seng Drive, also known as Yew Lee Building, is on the market for $23 million, announced the sole marketing agent Cushman & Wakefield.
The property is a purpose-built, single-user, detached industrial building. It has a gross floor area of about 70,011.6 sq ft, and sits on a JTC-owned plot of 34,109.7 sq ft. The land has a leasehold tenure of 30+30 years from Feb 1, 1993, and has 34 years left on its lease. The site is zoned for Business 2 use with a plot ratio of 2.5 under the 2019 Draft Master Plan.
Yew Lee Building at 17 Tai Seng Drive is a six-storey industrial building (Picture: C&W)
“The immediate vicinity has seen a buzz of transaction activities with most of the buildings snapped up by institutional investors such as China Mobile, Ascendas-Singbridge, Starhub and Mapletree Industrial Trust to convert into data centres,” says Lynus Pook, director of commercial/industrial at C&W. Other buildings close by include those of DHL, Eu Yan Sang, and several data centres such as those of Equinix and Global Switch.
The property will be sold with vacant possession. This allows the buyer to take immediate possession to carry out any redevelopment or refurbishment plans, especially given its under-utilised plot ratio, says Pook.
The expression of interest exercise will close on Aug 6.