The renowned Ching Shine Industrial Building is now up for collective sale by tender, with a minimum asking price of $113 million, announced JLL – the sole marketing agent for the property. The sought-after freehold building comprises of 52 strata units and boasts an impressive 100-meter frontage along Shaw Road. Spanning a total land area of 49,308 square feet, the building also offers a sizable gross floor area of approximately 137,341 square feet.
Built in the early 1980s, the property is currently zoned as “Business 1” and has a gross plot ratio of 2.5 under the URA Master Plan 2019. JLL revealed that a majority of the owners, over 80%, have already given their consent for the collective sale at the minimum price of $113 million. This price translates to a unit land rate of about $823 per square foot per plot ratio, based on the existing gross plot ratio of 2.79.
According to JLL, subject to URA’s approval, the site has the potential to be converted into a food factory. This has already been confirmed by the National Environment Agency (NEA) which has given the green light for this development, while the Singapore Food Agency has also stated their approval for this proposed idea.
Alternatively, the freehold property also presents a promising investment opportunity for family offices seeking long-term growth, as well as for owner-occupiers looking to establish a corporate presence. This is according to JLL who also highlighted the absence of additional buyer’s stamp duty as an attractive aspect for developers, as it can greatly impact project timelines.
Situated in the Tai Seng Industrial estate, the property is conveniently accessible via major expressways such as the PIE, CTE, and KPE. Moreover, it is within walking distance from the Tai Seng MRT Station on the Circle Line. The area also boasts of other notable food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building. Additionally, there are plenty of amenities in the vicinity, including Grantral Mall @ Macpherson and 18 Tai Seng.
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In November 2023, just a five-minute walk away from Ching Shine Industrial Building, Noel Building – another freehold Business 1 industrial building located at 50 Playfair Road, was successfully sold en bloc for $81.18 million. This amount was a significant 17% above its initial guide price of $70 million. According to JLL, this serves as a testament to the strong demand for such properties in the area, which is why they are expecting a similarly competitive response for Ching Shine Industrial Building.
The tender for the property is set to close on April 3 at 3pm.