Freehold industrial property Wisma Gulab sold for $88m

Colliers International today announced that it has successfully brokered the purchase of Wisma Gulab, a nine-storey industrial building at 190 MacPherson Road at SGD88 million for Heap Seng Group.

The purchase price of S$88 million translates to S$692 per square foot (psf) on total net lettable area of 127,240 square feet (11,821 sq m). This is the largest freehold industrial site sold in two years since Citimac Industrial Complex was transacted for S$430.1 million via collective sale in July 2017.

Wisma Gulab sits on freehold land – spanning 54,576 sq ft (5,070.30 sq m) – and is strategically located at the corner of Genting Road and MacPherson Road in the city fringe

Steven Tan, Senior Director of Capital Markets at Colliers International, said, “We are delighted to have brokered the purchase of Wisma Gulab for Heap Seng Group, which is acquiring the building to accommodate for its business expansion. We believe this is a good acquisition opportunity as industrial properties on freehold land are very rare in Singapore.”

Prominently located, the property enjoys excellent visibility with a 150-metre frontage onto MacPherson Road. It is also readily accessible by public transport being near the Potong Pasir MRT station on the North East Line, as well as the Mattar MRT station on the Downtown Line. Meanwhile, the Central Business District and the Changi Airport are a short drive from the site via the Pan Island Expressway.

Under the Master Plan 2019, the site is zoned Business 1 for light industrial uses and is located within the Kallang Way subzone. Wisma Gulab is purchased with vacant possession.

Mr. Tan added, “This deal kicks off what could potentially be an active market, particularly towards the second half of the year. Colliers Research forecasts that industrial sales could accelerate with more transactions by industrialists and institutional investors into yield-accretive assets such as business parks and data centres. In addition, industrial real estate should become more attractive as the underlying market bottoms out.”

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