Freehold industrial building at New Industrial Road for sale

Senja Residences is a new 99-year leasehold executive condominium located in District 23 of Singapore. The development comprises 300 units and offers amenities such as BBQ pits, clubhouses, Jacuzzi and more. It is also Senja Close EC close to Bukit Panjang MRT, LRT, and bus interchange, making it an ideal location for multigenerational families.

An expression of interest exercise has been launched for the sale of a freehold industrial building at 21 New Industrial Road, located off Upper Paya Lebar Road. Boasting a site area of 3,368.4 sq m (36,257 sq ft) with a gross plot ratio of 2.5 and zoned for Business 1 use, the property boasts a guide price of $66 million.

Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the exclusive marketing agent in charge of the property, believes that the asset will attract considerable interest due to its freehold tenure, potential for redevelopment, and its city-fringe location. He also added that the limited supply of such properties, as well as the fact that additional buyer’s stamp duty does not apply to industrial assets, will further bolster it appeal to prospective buyers, including private and institutional property investors and property developers.

Situated near the junction of Upper Paya Lebar Road and Bartley Road East, the property provides dual road frontage along Lim Teck Boo Road and New Industrial Road. The latter is primarily comprised of industrial buildings housing amenities such as restaurants, food courts, and child care centres, with the former hosting mostly landed residential developments. 21 New Industrial Road is a 15-minute walk from the Bartley and Tai Seng MRT Stations.

Desmond Lim, director and head of workspace and culture, capital markets and investment sales at ERA, explains that the development site provides a unique opportunity for industrialists to customise industrial space or build a corporate headquarters. “The successful developer could consider redeveloping the site into a green building that incorporates sustainability and wellness features conducive to the environment and the users.”

Moreover, the city-fringe location of the building makes it an excellent choice for “last mile” distribution purposes. It is also well-suited for self-storage spaces, given its proximity to nearby residential enclaves such as Bidadari, Bartley, and Woodleigh.

The expression of interest exercise for 21 New Industrial Road will close on April 26 at 3pm. With its freehold tenure, potential for redevelopment and ideal city-fringe location, the asset can be expected to draw considerable interest from property developers and private and institutional property investors alike.