Industrial property in Jurong up for sale

The site in Gul Street 5 is more than 100,000 sq ft and contains a standalone building with warehousing, production and office areas as well as a large, open yard space.
The site in Gul Street 5 is more than 100,000 sq ft and contains a standalone building with warehousing, production and office areas as well as a large, open yard space. PHOTO: JLL

One of the world's largest oilfield services company is selling one of its buildings here.

American firm Halliburton, which is consolidating local operations into other premises, wants offers of around $12 million for the standalone building comprising warehousing, production, office areas and a large, open yard space.

Fixtures such as large cranes have been left at the Jurong site, which Halliburton has vacated.

The firm also has premises in Jalan Ahmad Ibrahim and a large manufacturing facility in Tuas.

The company said earlier this year that it had trimmed 6,000 jobs worldwide in the first quarter, taking the toll to about 33,000 positions cut since late 2014, according to media reports.

It posted a 40 per cent drop in revenue to US$4.20 billion (S$5.65 billion) for the first three months of the year.

Operating loss was US$3.08 billion for the period, compared with an operating loss of US$548 million a year earlier.

The industrial property in Gul Street 5 is on a 102,234 sq ft site zoned for B2 use. The site has a plot ratio of 1.4 and a balance lease of about 33 years.

"This property would be a good fit for companies looking to expand within the Gul Industrial Estate," said Mr Nicholas Ng, local director of capital markets at JLL, which is marketing the site.

The site is built up to a 0.74 plot ratio, and has the potential to be refurbished and redeveloped to maximise its plot ratio by up to another 67,187 sq ft of gross floor area.

It is near the upcoming Gul Circle MRT station and accessible via the Ayer Rajah Expressway and Pan Island Expressway.

"The existing warehouses and production area are excellently configured with a large floor plate and high ceiling. They are well maintained and will allow an end user to move in easily to optimise the space," Mr Ng added.

The property is being sold via private treaty.

A version of this article appeared in the print edition of The Straits Times on July 05, 2016, with the headline 'Industrial property in Jurong up for sale'. Print Edition | Subscribe