Eunos industrial building put up for sale

The three-year old building is fully-leased to 15 tenants. PHOTO: CUSHMAN & WAKEFIELD

SINGAPORE - A six-storey detached industrial building at 115 Eunos Avenue 3 is up for sale by expression of interest.

It joins other properties in the city fringes that have put on the market this week, including a freehold four-storey commercial building at 118 Joo Chiat Road and a freehold redevelopment site at 51 Lorong 21 Geylang. They have indicative prices of $20 million and $23 million respectively.

The Eunos property, which is within a 400 metres walk from Paya Lebar MRT station, has a land area of approximately 7,718 square metres (sq m) with gross floor area of approximately 19,294 sq m, which works out to a gross plot ratio of about 2.5.

Sitting on JTC (formerly HDB) land, the three-year old building has a leasehold tenure of 60 years commencing from Feb 1, 1980, with a balance of approximately 21 years.

While no indicative price has been disclosed, the building, which has a single owner, has a rental yield of about eight to 10 per cent, according to sole marketing agent Cushman & Wakefield.

It is currently fully-leased to 15 tenants with most of the tenancies structured with rental escalation, it added.

The building comes with high specifications such as high ceiling, high floor loading, large floor plate, large passenger/cargo lifts, covered carpark and a ground floor canteen. The average floor-to-floor height is about seven metres, making it one of the tallest buildings in the vicinity, said the agent.

The expression of interest exercise closes on May 16 at 3pm.

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