CDL to divest freehold strata units at Cititech Industrial Building and Citilink Warehouse Complex for $149 mil

By Nicholas Lam
/ EdgeProp Singapore |
The portfolio of 44 units at Cititech Industrial Building has a sales value of $62.31 million (Photo: ERA Realty)
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Singapore-listed property giant City Developments Ltd (CDL) has launched for sale its 44 remaining strata-titled industrial units at Cititech Industrial Building on Aljunied Road in the east and 53 remaining units at Citilink Warehouse Complex on Pasir Panjang Road in the west. ERA, Cushman & Wakefield and JLL have been appointed exclusive joint marketing agents for the sale of the units by private treaty.
The portfolio of 44 units at Cititech carries a sales value of about $62 million, while the 53 units at Citilink have a sales value of about $87 million, bringing the total to about $149 million, says Steven Tan, ERA’s managing director of capital markets and investment sales.
The units at Cititech range from 1,281 to 2,325 sq ft. The freehold, eight-storey industrial building was developed by CDL and completed in 1995. It is zoned for B1 or light industrial use, and the units are a mix of factory and warehouse spaces. The units are offered for sale individually or collectively.
The 10 latest transactions at Cititech Industrial Building​ (Source: EdgeProp Research Tools, URA)
Prices at Cititech start from $1.09 million ($851 psf) for a 1,281 sq ft unit, with the entire portfolio carrying a sales value of $62.31 million, says Shaun Poh, Cushman & Wakefield (C&W) executive director of capital markets.
Based on caveats lodged, the last transaction at Cititech was in December 2022, when a 1,281 sq ft factory unit on the fourth floor changed hands for $1.05 million ($820 psf). Cititech has dual access from Soon Wing Road and Aljunied Road. It's also 600m from the Mattar MRT Station on the Downtown Line, which is linked to the Macpherson and Paya Lebar MRT Interchange Stations.
CDL is offering its 53 remaining units at $86.95 million (Picture: ERA Realty)
The 53 units offered for sale at Citilink range from 947 sq ft to 2,842 sq ft. Prices start from $862,000 ($910 psf). According to C&W's Poh, the sale of the units will amount to $86.95 million.
CDL developed Citilink as a pair of eight-storey buildings in 1995. Located along Pasir Panjang Road, Citilink is within the Alexandra precinct and near the Greater Southern Waterfront. According to the URA Master Plan 2019, the property is zoned for B1 industrial use. The latest transaction at Citilink was for a 1,884 sq ft warehouse unit, which fetched $1.75 million ($929 psf), based on a caveat lodged with URA Realis in February.
CDL has been selling down its units at Citilink Warehouse over the years. Just last August, it offered 57 units for sale. Before that, it launched 62 units for sale in April 2023 at $103 million. C&W was the marketing agent then.
According to C&W’s Poh, the asking price for the 53 units at Citilink is in the range of $945 psf to $1,065 psf, while Cititech’s is from $850 psf to $944 psf.
Last 10 transactions at Citilink Warehouse Complex (Source: EdgeProp Research Tools, URA)
"Demand for freehold industrial properties remains high as such properties are scarce and coveted," says Poh. "We expect investors and end-users to consider these two prime opportunities favourably, given that the properties are located in popular city fringe areas and well within established industrial clusters in Singapore."
ERA's Tan says the units at Citilink and Cititech are currently fully tenanted. However, some of the leases are expiring in the coming months, so some units will be sold with vacant possession. Still, Tan reckons they offer "an alternative asset class for investors interested in diversifying their portfolios beyond residential properties in Singapore." In the industrial space, there are no restrictions on foreign ownership and no additional buyer’s stamp duty payable.
Pamela Siow, JLL head of logistics and industrial, capital markets, says both industrial properties have the potential to "unlock future value for investors." She points to Cititech's accessibility to various logistical and transport nodes, such as Changi Airport and Woodlands Checkpoint, as well as commercial and industrial hubs, such as Paya Lebar Central, Paya Lebar iPark, and Kallang iPark. Meanwhile, Citilink will allow investors to tap into new economic opportunities at the future Greater Southern Waterfront.

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