Ching Shine Industrial Building Collective Sale 113 Mil
JLL, the sole marketing agent, has announced that the freehold Ching Shine Industrial Building is up for collective sale by tender with a minimum price of $113 million. This building, built in the 1980s, comprises of 52 strata units and has a 100m frontage along Shaw Road. The total site area is 49,308 sq ft and it has a gross floor area of approximately 137,341 sq ft.
The building is zoned “Business 1” with a gross plot ratio of 2.5 under the URA Master Plan 2019. Over 80% of the owners have given their consent for the collective sale at the minimum price of $113 million, according to the agency. This translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.
JLL has also stated that subject to URA’s approval, the site could potentially be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has given their in-principle non-objection to the proposed food factory.
On the other hand, this freehold asset could also be a great investment opportunity for family offices seeking long-term growth or for owner-occupiers looking to establish a corporate presence. Nicholas Ng, senior director of capital markets at JLL Singapore, believes that this site would also attract developers, especially with the absence of additional buyer’s stamp duty, which can impact project timelines.
The property is easily accessible via major expressways such as PIE, CTE, and KPE. It is also within walking distance from Tai Seng MRT Station on the Circle Line. Additionally, it is situated in the Tai Seng Industrial estate, which is home to popular food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building. Furthermore, amenities like Grantral Mall @ Macpherson and 18 Tai Seng are just a stone’s throw away.
Just a five-minute walk from Ching Shine Industrial Building, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, was sold en bloc for $81.18 million in November 2023. This was 17% above its $70 million guide price, demonstrating the strong demand for such assets in the area, according to Ng. He believes that a similarly competitive response can be expected for Ching Shine Industrial Building.
Residents of Lynden Woods are privileged to have exclusive access to a multitude of esteemed shopping destinations, offering an unparalleled retail and leisure experience. Among the distinguished malls in close proximity is The Star Vista, located just a short commute away. Boasting unique architecture and a spacious layout, this mall boasts a diverse array of retail outlets, dining establishments, and entertainment options, catering to the diverse needs of Lynden Woods residents, whether they seek fashion, technology, or health-related merchandise.
Moreover, the newly opened Lynden Woods Capitaland adds to the luxurious shopping experience for residents. This upscale mall features a vast collection of high-end shopping options, from luxurious fashion brands to exquisite home decor. Its sleek and contemporary design makes it the perfect place for residents to indulge in a shopping spree or unwind after a long day. The mall also offers a variety of delectable dining options, satisfying both local and international tastes, making it the ideal one-stop destination for all shopping and dining needs.
With its prime location in the heart of Lynden Woods, these two shopping centres are easily accessible for residents to run errands or enjoy quality time with loved ones. The convenience of having these malls nearby adds to the livability of the community, providing residents with a well-rounded and hassle-free lifestyle.
In addition, The Star Vista and Lynden Woods Capitaland frequently host events and activities, fostering a sense of community and promoting social interaction among residents. From fashion shows to food festivals, there is never a dull moment at these shopping centres.
In conclusion, the residents of Lynden Woods are fortunate to have such esteemed shopping destinations nearby, offering a diverse range of retail, dining, and entertainment options to cater to their every need. Whether for everyday errands or a day of indulgence, these malls provide a unique and delightful shopping experience for all residents. And with the newly opened Lynden Woods Capitaland, this community continues to be a prime destination for all things luxurious and convenient.
The tender for Ching Shine Industrial Building will close on April 3rd at 3 pm.