Cross section of the Apex FoodWorks food factory at 18 Kim Chuan Terrace (Credit: ERA)
On March 19, a new eight-storey, freehold food factory at 18 Kim Chuan Terrace in the Tai Seng industrial precinct, was launched for sale by KC Industries Pte Ltd, a subsidiary of Yi Kai Development. Of 24 units in the building, half are ramp-up factory units with mezzanine rest areas, and the other half are flatted factory units. The units have sizes ranging from 1,808 to 3,035 sq ft, with ceiling height of 5.95m to 7m. Prices start from $3 million to $3.6 million before discount.
Over the weekend, 15 of the units were sold at an average of $1,939 psf for the ramp-up factory units and an average of $1,772 psf for the non-ramp-up flatted factory units. ERA Realty Network and SRI were joint marketing agencies for the project.
According to Nicholas Mak, ERA head of research & consultancy, the buyers of these central kitchen units include food caterers, food outlet operators and investors. “Some buyers were competing to buy all the units on an entire floor so that they could consolidate their food production operations there,” he says.
The project is targeted for completion on March 31, 2026.
A fortnight ago [March 5-6], a freehold mixed-use development at 265 Outram Road was launched for sale. The four-storey, conservation building with 17 residential units on the upper floors and four commercial units on the ground floor obtained Temporary Occupation Permit (TOP) in March 2019.
The residential units are a mix of one- and two-bedroom apartments, and have been leased to co-living operator ST Residences until the end of this month (March 31, 2022). Sizes of the apartments range from 388 sq ft to 786 sq ft, with prices starting from $988,000 ($2,546 psf) to $1.886 million ($2,400 psf).
The four strata commercial units are fitted for F&B use, with sizes ranging from 1,259 sq ft to 1,356 sq ft. They are priced from $5.666 million to $6.102 million or an average of $4,500 psf. The four commercial units are currently leased: two adjacent units with a total strata area of 2,605 sq ft, have been leased to Food Panda at $15,630 per month, with the lease expiring on April 6, 2023. The remaining two units with total strata area of 2,626 sq ft, have been leased to Chill@269 bistro-bar at $20,408 per month, with the lease expiring on December 31, 2022.
According to ERA, the exclusive marketing agency, 10 out of the 17 residential units at 265 Outram Road have been taken up. Of the 10 units, four are one-bedders and six are two-bedders. Of the four commercial units, two have been sold. Hence, 12 out of a total of 21 strata units (57%) at 265 Outram Road have sold to date.
Last October, the conservation building at 265 Outram Road was offered for sale at $50 million, which worked out to $2,733 psf based on the gross floor area of 18,295 sq ft. It was marketed by Colliers International then. The expression of interest ended on Nov 19, 2021, and the owner, Chiu Teng Group, has since decided to launch the units for sale individually.
The building is located within the Tiong Bahru Secondary Settlement conservation area and occupies a freehold area of 6,125 sq ft. It is zoned for residential use with commercial usage at the first storey.