Smartisan Development buys two freehold industrial sites at Mandai Estate for $100 million
By Cecilia Chow
/ EdgeProp Singapore |
Freehold industrial sites at 10 and 12 Mandai Estate sold for $100 million to Smartisan Development (Photo: SRI)
SINGAPORE (EDGEPROP) - Smartisan Development has purchased two adjoining freehold industrial sites at 10 and 12 Mandai Estate at the asking price of $100 million. The price works out to a land rate of $657 psf per plot ratio (psf ppr), including the land betterment charge. Smartisan is expected to redevelop the site into a freehold food factory. Smartisan is no stranger to the industrial sector, having developed One KA @ Macpherson in Kampong Ampat and E9 Premium@Woodlands, a commercial property at Woodlands Industrial Estate. (Find Singapore commercial properties with our commercial directory)
The plots at 10 and 12 Mandai Estate are located off Woodlands Road. They are zoned for business 2 use with a plot ratio of 2.5 under the 2019 Master Plan. 10 Mandai Estate sits on a land area of 34,919 sq ft, while the adjacent plot at 12 Mandai Estate occupies 30,246 sq ft.
10 and 12 Mandai Estate is located off Woodlands Road (Source: EdgeProp Landlens)
“Business 2 Freehold industrial land is rarely available for sale,” says Bruce Lye, managing partner of SRI, who brokered the sale. He expects the upcoming Sungei Kadut Eco District to rejuvenate the neighbourhood and provide the opportunity for more climate-resilient and environmentally-responsive industrial designs.
Nearby, the former BHL Factories at 2A and 2B Mandai Estate were sold to real estate and construction firm Chiu Teng Group, in July 2022. The purchase price is said to be above $130 million with SRI having brokered the sale too. The site will be redeveloped into the upcoming CT FoodNex, a 10-storey freehold, multi-user food factory. The property sits on a freehold site of 80,288 sq ft, and has 110 strata-titled units. The B2 industrial development is ideal for central kitchen operations, food processing and production, and cold storage.
Artist's impression of CT FoodNex, a 10-storey, ramp-up food factory designed for multiple users (Source: CT FoodNex website)
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