Henley Industrial Building in Upper Paya Lebar sold for $37m

Henley Industrial Building, a four-storey freehold property off Upper Paya Lebar Road, has been sold to a subsidiary of Novelty Group for $37 million.

The price works out to about $545 per sq ft of gross floor area, said property services firm CBRE on Monday.

CBRE brokered the sale through a tender exercise, which closed on July 5.

The 17-unit industrial property has an area of about 27,161 sq ft, the firm said said.

"We received good response at the public tender from a handful of business occupiers wanting a standalone building with naming rights and developers, which is a testament to the excellent attributes of Henley Industrial Building," said Mr Galven Tan, associate director of investment properties at CBRE.

He added that the price is in line with recent transactions of similar freehold industrial properties, such as the sale of 14 Little Road in November last year, 3 Playfair Road in December last year and 100H Pasir Panjang in April this year.

The sale of Henley Industrial Building is subject to approval from the Strata Titles Board.

Property investment sales in Singapore grew by 22 per cent to reach $2.78 billion in the second quarter of this year, reversing a decline recorded in the first three months of the year, CBRE said.

"The investment sales market recorded a reasonably active first-half this year and we are confident that the momentum will keep pace in the second half," added Mr Tan.