Sin Cheong Building up for sale by tender

A six-storey light industrial building at Jalan Pemimpin, Sin Cheong Building, is being put up for sale by tender.

The asking price will be set at an indicative range of between S$32 million and S$36 million. This is S$291 to S$327 per square foot per plot ratio. The building currently sits on freehold land of about 44,000 square feet.

The District 20 Jalan Pemimpin area is located inside the Central Region of Singapore.

Sin Cheong Building is located near Marymount Circle Line MRT, and is well served by major expressways like the PIE and the CTE. It is zoned for Business 1 use with a Gross Plot Ratio of 2.5.

This means up to 40 per cent of the gross floor area can be used for permitted ancillary activities such as offices or showrooms.

Mr. Jeffrey Goh, Head of Investment Sales at HSR International, said: “Going forward into 2011 and in the light of rising prime office space rentals, such freehold industrial space located inside the Central Region presents an attractive alternative for companies to relocate their operations.”

He added that such freehold industrial land is a rarity in Singapore and “because of its freehold tenure, there are no land rent payments or lease top-ups needed in the future as compared to leasehold industrial land.”

HSR International is the sole marketing agent for the sale of Sin Cheong Building.

Source : Channel NewsAsia – 21 Dec 2010

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