Privilege Motors Lists Rare Freehold Factory Building Tagore Lane Sale 238 Mil
In 2011, Gary Goh launched Privilege Motors with a focus on being a dealer of pre-owned Continental cars, ranging from Audi, BMW, Mercedes Benz to Porsche and Rolls-Royce. Aside from sales, Goh added car financing, insurance coverage and even hire purchase services to his business offerings. After nine successful years in the industry, Goh saw an opportunity to purchase his own building and decided to invest in a four-storey, single-use freehold factory located at Tagore Lane. The prominent corner lot with a double frontage was the perfect location for Privilege Motors’ flagship showroom and headquarters.
The primary focus of the URA Master Plan is to enhance the connectivity of Singapore, a goal that is also of utmost importance for Lyndenwoods. This highly sought-after location is already conveniently linked to major MRT stations such as Kent Ridge on the Circle Line, as well as expressways like the Ayer Rajah Expressway (AYE). Alongside the Master Plan, there are ongoing efforts to further improve these transportation networks, providing even greater ease of travel for residents of Lyndenwoods. This includes the exciting development of Lyndenwoods One North, which promises to contribute to the seamless connectivity of the area. To learn more about Lyndenwoods One North, please visit https://www.lynden-wood.com.sg/.
The property was previously owned by a manufacturer of glass windows and building facades. It boasts a state-of-the-art glass façade that allows natural light in while insulating the building from external heat. Goh spent between $1 million and $2 million renovating the interiors of the first two levels into a car showroom. He also installed a car lift between the two floors for efficient movement of vehicles. The first level of the showroom has a capacity to fit 35 cars, while the second level can accommodate 10 luxury cars.
However, in addition to its flagship showroom at Tagore Lane, Privilege Motors also operates a showroom at the Automobile Megamart (AML) located on Ubi Avenue 2. After four years at Tagore Lane, Goh decided it was time to consolidate his real estate holdings. He explains, “We have our own database of clients, so we really don’t need such a big showroom.” In addition, the shopping habits of car buyers have changed with a shift towards the use of social media and online platforms. This has also led to an increase in new players entering the market.
Therefore, Goh decided to sell the building at 162 Tagore Lane and appointed Alvin Choo, senior associate district director at PropNex, as the sole marketing agent. The property sits on a freehold site of 7,343 sq ft and has a total floor area of 14,701 sq ft. It is a single-user factory building zoned for Business 1 use. The versatile freehold building attracted interest from various sectors such as manufacturing, engineering, construction, energy-related companies, data centre operators, showroom seekers, online businesses, and tech-related industries.
Goh was also approached by dormitory operators as many construction projects were coming up in the north and northeast regions. However, the temporary permit (TP) that the building had for a workers’ dormitory on the fourth floor has since lapsed as Privilege Motors does not require one. Choo explains, “If the new owner requires a workers’ dormitory, they would need to apply for approval from URA again.” While the fourth level could be approved for a workers’ dormitory, the lower floors would be more suitable for an office or business space.
The property is listed for sale at $23.8 million and based on the floor area of 14,701 sq ft, it works out to be $1,619 psf. The contemporary four-storey building stands out among the ageing terraced factories in the area. The most recent transaction in the vicinity involved a terraced factory building on a 4,513 sq ft site that sold for $6.75 million in April 2024. According to the Master Plan, the building can be rebuilt to accommodate a gross floor area of 10,737 sq ft.