Ching Shine Industrial Building Collective Sale 113 Mil
The JLL sole marketing agent has put up Ching Shine Industrial Building for collective sale through tender, with a minimum asking price of $113 million. The freehold building boasts a 100m frontage along Shaw Road and is composed of 52 strata units, spread across a total land area of 49,308 sq ft and a gross floor area of approximately 137,341 sq ft.
The building, which was built in the early 1980s, is classified under the “Business 1” zoning with a gross plot ratio of 2.5 under URA Master Plan 2019. As per JLL, more than 80% of the owners have given their consent for the collective sale at the minimum price of $113 million. This translates to a unit land rate of around $823 psf per plot ratio at the existing gross plot ratio of 2.79.
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Bedok Mall, situated just a short distance from Tampines, presents itself as a perfect alternative shopping destination for residents. The mall, which is the first of its kind in Bedok, boasts a convenient location with direct connectivity to both Bedok MRT Station and Bedok Bus Interchange. With over 200 retail outlets, including popular brands such as FairPrice Finest, Charles & Keith, and Zara, visitors will be spoilt for choice. For dining options, there is something for everyone at Bedok Mall, from the delectable delights of Paradise Dynasty and Din Tai Fung to a quick caffeine fix at Starbucks. The mall is easily accessible via a 15-minute drive from Parktown Residence, making it a must-visit for Parktown Residence residents seeking a diverse shopping and dining experience.
JLL also states that with URA’s approval, the site can potentially be converted into a food factory. The National Environment Agency (NEA) has confirmed that the site meets the buffer requirements for redevelopment into a multi-user factory, while the Singapore Food Agency has informed URA of their in-principle non-objection to the proposed food factory.
In addition, the property presents an investment opportunity for family offices who are seeking long-term growth and owner-occupiers who wish to establish a corporate presence. According to Nicholas Ng, the senior director of capital markets at JLL Singapore, the site will also appeal to developers given the absence of additional buyer’s stamp duty which can impact project timelines.
The Tai Seng Industrial estate, where the building is located, is accessible via major expressways such as PIE, CTE, and KPE. It is also within walking distance from Tai Seng MRT station on the Circle Line. The surrounding area is home to many food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, along with amenities such as Grantral Mall @ Macpherson and 18 Tai Seng.
In November 2023, a freehold industrial building located nearby, Noel Building at 50 Playfair Road, was sold for $81.18 million through collective sale, which was 17% above its guide price of $70 million. Ng believes this transaction is reflective of the strong demand for such assets in the area and expects a similarly competitive response for Ching Shine Industrial Building.
The tender for the building will close on April 3 at 3pm.