SINGAPORE - A five-storey intermediate terrace factory at 9 Kaki Bukit Place has been put up for sale by expression of interest for an indicative price of $5.5 million.
This works to approximately $420 per square foot (sq ft) based on a gross floor area of 13,110 sq feet, according to sole marketing agent CBRE. No payable land rent or additional buyer's stamp duty will be imposed on foreigners and companies who are eligible to purchase the property.
The building sits on a rectangular site of around 4,795 sq ft, and is zoned "Business 2" with a gross plot ratio of 2.5 under the 2014 Master Plan. The property, which was completed in the late 1990s, has a balance lease of 36 years and will be sold on a vacant possession basis.
According to CBRE, the property is in good move-in condition, having undergone refurbishment in 2014. Building specifications include passenger and cargo lifts, and sheltered loading bays for containers up to 20 ft. Occupants are also given a minimum of four car park lots.
CBRE senior manager of capital markets Angela Lim said keen interest is expected from both investors and end-users seeking to expand within the Kaki Bukit Industrial Estate or to consolidate business functions under one corporate building which also allows naming and signage rights.
She added that Kaki Bukit has always been a popular location for small and medium enterprises (SMEs) as they can tap into the large workforce from surrounding housing estates like Kaki Bukit, Bedok, Hougang, Macpherson and Aljunied.
"While Kaki Bukit is typically known as an industrial location, the relocation of Paya Lebar Airbase from 2030 to make way for new homes, as well as office and industrial buildings will be a game changer. Buyers can expect to benefit from the progressive transformation of the location, and enjoy strong capital appreciation and rental upside in the medium to long term," Ms Lim said.
The expression of interest exercise will close on Oct 1 at 3pm.