.jpg?joXzwcFLnIoXubp5NRHMd00ZtiE1PO1C&itok=_3RZDbtY "The six-storey development, completed in 2020, comprises factory units, ancillary office space, a basement car park and a communal roof terrace (Picture: Cushman & Wakefield)")
Exclusive marketing agent Cushman & Wakefield has listed a freehold light industrial development at 243 Alexandra Road for sale by private treaty, with an indicative price of $68 million.
The six-storey development, completed in 2020, comprises factory units, ancillary office space, a basement car park and a communal roof terrace. It has a total land area of 14,753 sq ft and a total gross floor area of 36,883 sq ft.
Cushman & Wakefield says the property’s high ceilings and individually controlled air conditioning make it ideal for diverse businesses. It is within walking distance of Redhill and Queenstown MRT Stations and bus stops. It is also close to residential estates and various amenities, such as shopping centres, retail outlets and dining options.
Brenda Ong, executive director of logistics and industrial at Cushman & Wakefield, calls this a rare opportunity to acquire one of the few privately owned freehold sites in the area. Only 5% of freehold industrial land in Singapore is not managed by JTC.
In addition, JTC data shows that B1-factory rents and prices have steadily grown, rising 25% and 31%, respectively, since 3Q2020. The agency adds that this strong rental growth and price appreciation reflect robust demand in the industrial market.
Ong says the building will draw interest from both investors and owner-occupiers. She adds: “This trophy asset presents a rare opportunity for investors to leverage on the resilient industrial market while also appealing to light industrial or high-tech companies seeking a city-fringe location to co-locate their corporate headquarters with their industrial operations.”
