17 August 2020 – Savills Singapore is pleased to announce their appointment as sole marketing agent on the sale of 1 and 3 Jalan Lembah Kallang via Expression of Interest.
The properties are adjoining plots, with number 1 a detached factory comprising of a three-storey front office building with a rear single-storey workshop, and number 3 a detached factory with two-storey building and open yard workshop. Number 1 has a total gross floor area of approximately 6,000 sqft and land area of 8,475 sqft, with potential redevelopment up to 21,000 sq ft. Number 3 has a total gross floor area of approximately 6,550 sqft (building 5,600 sqft and auxiliary 950 sqft) and land area of 8,544 sqft. Sitting on a land zoning of Business 1 Industrial, they both have a leasehold tenure of 99 years effective from 1 September 1964 and 1 July 1964, respectively, with remaining leases of circa 43 years.
The subject properties are located along Jalan Lembah Kallang in the central region of Singapore. The immediate neighbourhood, comprising of light industrial, commercial and residential developments, sees the adjoining plots strategically situated within four minutes’ walking distance to Bendeemer MRT station (DT23) and 8 minutes’ walk to Boon Keng MRT station (NE9), and with excellent connectivity via KPE and PIE.
Sharon Teo, Managing Director, Business Space, Savills Singapore, who is handling the sale, commented: “With an allowable gross plot ratio of 2.5, and a long remaining land lease with no ground rent payable for either property, we expect interest from buyers seeking to redevelop the site into their customised corporate headquarters in a superior city-fringe locality.”
The guide price on the sale of both properties is S$17 million.
The Expression of Interest (EOI) for both properties will close on Wednesday, 30 September 2020, at 3pm.