Industrial building at Kallang, Suntec City office unit on sale
Genova Building in the Kallang Industrial Estate and Suntec Tower 1 are up for sale, revealed marketing agent Knight Frank. Photo: Knight Frank.
A six-storey light industrial building at 58 Bendermeer Road and a strata office unit at Suntec Tower 1 have been put up for sale, with guide prices of $12 million to $13 million and $2,900 per sq ft (psf), respectively.
Situated at the junction of Bendemeer Road and Jalan Lembah Kallang within the Kallang Industrial Estate, the industrial building – known as Genova Building – features a showroom with a mezzanine floor, production and warehousing areas as well as office spaces, revealed marketing agent Knight Frank.
It occupies a 6,060 sq ft site that is zoned for Business 1 use under the 2019 Master Plan, with a plot ratio of 2.5. Completed in 2003, the building has a gross floor area of around 17,854 sq ft.
Knight Frank noted that the building offers generous ceiling heights, which stand at eight metres on the ground floor and six metres on other floors. It also comes with spacious loading and unloading bay that can accommodate 40-foot vehicles.
With a balance lease of 44 years, Genova Building is near the Boon Keng and Bendemeer MRT stations.
“Smallish industrial buildings within the city fringe that can be employed for both corporate offices whilst housing light manufacturing or warehousing uses are few and far between. With e-commerce flourishing globally, the need for warehousing spaces in convenient locations are increasingly sought after,” said Mary Sai, Executive Director of Capital Markets (Strata Sales) at Knight Frank Singapore.
The expression of interest (EOI) exercise for Genova Building closes on 20 August.
Meanwhile, the Suntec Tower 1 office unit has a floor area of 3,897 sq ft.
Located on a high floor, the unit is column-free, allowing for possible partitioning into two smaller office units.
Sai expects the unit to appeal to “owner-occupiers and investors, who believe in commercial properties as safe haven assets”.
She noted that the $2,900 psf guide price is in line with recent office transactions at Suntec City and is reflective of market sentiments.
“Sales of offices in Suntec City have been robust, with at least five transactions recently concluded in Tower 1. The latest unit sold on the 37th storey transacted at $2,890 psf in May this year, whilst another unit on the 33rd storey in Tower 2 also transacted at a high of S$3,209 psf earlier in January,” said Sai.
Source: 15 July 2020, CommercialGuru