Bukit Merah industrial asset Kewalram House up for collective sale at $120 mil
The reserve price of $120 million translates to an indicative land rate of about $443 psf ppr, based on the maximum allowable GFA. (Photo: Quinvest Chambers International)
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Kewalram House, a private 99-year leasehold development along Jalan Kilang Timor in the Bukit Merah industrial precinct, has been put up for collective sale by public tender, with a reserve price of $120 million.
Zoned for “Business 1” (B1) use with a gross plot ratio of 2.5, the site spans an area of about 108,359 sq ft, said Quinvest Chambers International, the exclusive marketing agent acting for the owners through the collective sale committee.
The current development is built close to the maximum allowable gross floor area (GFA) of 25,167.25 sq m (about 270,898 sq ft), given its current total strata area of about 201,543 sq ft.
The eventual buyer will be able to improve building efficiency and increase the usable floor area in the development, according to the marketing agent’s Jan 28 press release.
The reserve price of $120 million translates to an indicative land rate of about $443 psf per plot ratio (ppr), based on the maximum allowable GFA and assuming no land betterment charge is payable. This is attractive relative to comparable industrial transactions in the Central Region, said Quinvest Chambers.
The industrial asset has about 34 years remaining on its lease, with the 99-year tenure having started from 1961.
Its private, non-JTC status “provides greater flexibility in ownership and leasing, compared to regulated industrial estates”, according Quinvest Chambers.
Kewalram House is located within a mature industrial cluster, surrounded by established developments, and near the AYE and CTE. (Source: EdgeProp Landlens)
Kewalram House comprises a main block of 56 strata units and five standalone terrace units, with unit sizes ranging from about 99 sq m to 805 sq m (1,066 sq ft to 8665 sq ft), catering to a wide range of industrial, logistics, and owner-occupier requirements.
The collective sale committee chairman, Mohammad Ashraf Bhadelia, noted the property’s “many positives”, such as wide corridors, nine loading bays, two cargo lifts with four-tonne capacity and two cargo lifts with two-tonne capacity, a sizeable plot of land at over 100,000 sq ft, and single floor plates spanning more than 40,000 sq ft. There are also about 90 car park lots.
He added that Kewalram House is “an ideal asset for reconfiguration and addition and alteration”.
From an operational perspective, the existing property is able to support immediate occupation and income generation. Investors can retain and operate the current asset for near-term cash flow, while evaluating longer-term asset enhancement or redevelopment strategies, according to Quinvest Chambers.
Ian Loh, managing director of the marketing agent, said: “It is a well-maintained building, suitable for single or multiple users. The asset offers both defensive characteristics and future upside, with about 34 years remaining on the non-JTC lease.”
Loh expects interest from owner-occupiers, developers, and funds looking for a balance of yield, flexibility, and redevelopment optionality.
The site is accessible via Jalan Kilang Barat and Jalan Kilang Timor, and its proximity to arterial routes and expressways, including the Ayer Rajah Expressway (AYE) and Central Expressway (CTE), provides efficient links to the city centre, ports, and major business nodes. Moreover, the area is served by more than 10 bus services, with the nearest bus stop within walking distance.
It is situated within a mature industrial cluster, surrounded by established developments such as Hoi Hup Building, Pacific Tech Centre, E-centre @ Redhill, and Storefriendly Bukit Merah.
Amenities in the vicinity include ABC Brickworks Market & Food Centre, Alexandra Village Food Centre, Alexandra Central, Anchorpoint, IKEA Alexandra, and Depot Heights Shopping Centre.
The public tender for Kewalram House will close on March 24 at 2.30pm.
Recent transactions for industrial sites nearby include the Sime Darby Business Centre at 315 Alexandra Road, next to the Ikea store, which fetched $55 million based on a caveat lodged on Oct 31, 2025. That works out to $307 psf based on the existing GFA, or about $265 psf ppr based on the maximum GFA of 207,754 sq ft, for the site zoned for B1 use with a 2.5 plot ratio. The 99-year leasehold (tenure starting from 1956) property was said to be mostly empty and sold on a vacant possession basis.
Meanwhile, a B1 industrial property located along Kung Chong Road, near Alexandra Road, changed hands for $17.6 million based on a caveat lodged on Sept 30, 2025. The building occupies a site area of about 15,996 sq ft. Its 99-year leasehold tenure started from 1956.
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