Ching Shine Industrial Building has been put up for collective sale by tender at a minimum price of $113 million, according to sole marketing agent JLL. The freehold building comprises 52 strata units with a 100m frontage along Shaw Road. The site has a total land area of 49,308 sq ft and a gross floor area of approximately 137,341 sq ft.
Built in the early 1980s, the building is zoned “Business 1” with a gross plot ratio 2.5 under URA Master Plan 2019.
According to the agency, over 80% of the owners have consented to the collective sale at the minimum price of $113 million. The price reflects a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.
Subject to URA approval, the site could potentially be converted into a food factory, says JLL. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factor, while the Singapore Food Agency has informed URA of their in-principle non-objection to the proposed food factory, the agency adds.
“Alternatively, the freehold asset could also present an investment opportunity for family offices seeking long-term growth, as well as owner-occupiers looking to establish a corporate presence,” JLL adds.
Nicholas Ng, senior director of capital markets at JLL Singapore, believes the site would also appeal to developers, given the absence of additional buyer’s stamp duty, which can impact project timelines.
The property is accessible via major expressways such as the PIE, CTE and KPE. It is also within walking distance from Tai Seng MRT Station on the Circle Line. It is located in the Tai Seng Industrial estate near food factories, including Breadtalk IHQ, Sakae Building, and Food Empire Building, along with amenities such as Grantral Mall @ Macpherson and 18 Tai Seng.
About a five-minute walk away, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, sold en bloc for $81.18 million in November 2023, 17% above its $70 million guide price.
Ng believes the transaction demonstrates the “fervent demand” for such assets in the area. “We expect a similarly competitive response for Ching Shine Industrial Building,” he says.
The tender closes on April 3 at 3pm.
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