A freehold industrial building near Tai Seng MRT station went on the market yesterday, with a price of up to $68 million expected.
Harper Kitchen, as the property is known, is leased to Bakerzin, Putien and Crystal Jade as part of their food and beverage (F&B) operations. It has a land area of about 23,900 sq ft and would suit commercial, F&B or retail use.
The freehold property is a "rare commodity for an industrial site as most buildings released by JTC are on a 20-year lease", said Ms Christina Sim, the director of investment (capital markets) at Cushman & Wakefield.
Ms Sim said around six small and medium-sized enterprises, three big developers, and five private equity funds have made inquiries.
Home-grown food businesses like BreadTalk have their corporate headquarters in Tai Seng.
The potential growth of the Paya Lebar Commercial Hub and Paya Lebar Central is expected to fuel interest for the site.
Harper Kitchen is expected to fetch between $55 million and $68 million - less than a similar property nearby handled by Cushman & Wakefield. The Nanshan Group bought the Irving Industrial Building, a 65,309 sq ft freehold site, for $160 million in March.
The expression of interest exercise closes on Sept 10.