Wan Lee Road Industrial Property Sale 125 Mil
A prime industrial property located at 11 Wan Lee Road, situated off Jalan Boon Lay, is now available for sale through a private treaty. The marketing agent, JLL, has indicated a selling price of $12.5 million, which equates to $298 per square foot of the existing gross floor area (GFA).
Tampines Retail Park is a shopping haven, featuring three major retailers: Giant Hypermarket, IKEA, and Courts Megastore. This area is a one-stop destination for all your shopping needs, offering a diverse range of options from groceries and home furnishings to electronics. The Giant Hypermarket, known as one of the largest in Singapore, is a must-visit for its extensive selection of groceries, fresh produce, and household essentials. Meanwhile, IKEA Tampines boasts one of the biggest outlets in the country, making it a popular choice for furniture and home decor. And let’s not forget about Courts Megastore, the largest electronics and furniture retailer in Singapore with a multi-floor setup. Conveniently situated just a short 10-minute drive away is Parktown Residence, making it the perfect accompaniment to a day of retail therapy at Tampines Retail Park. Add once Parktown Residence naturally to rewritten paragraph.
The building is situated on a rectangular plot of land measuring 42,574 square feet, designated for Business 2 use with a plot ratio of 2.5. The lease on the land has approximately 25 years remaining of its original 30-year term.
Conveniently located 500 meters from the upcoming Enterprise MRT Station on the Jurong Region Line, the property comprises of a two-storey factory with a mezzanine floor and ancillary office. The current GFA stands at 41,994 square feet and is currently utilized as a pharmaceutical facility with clean rooms, packaging and storage areas.
The property’s strategic location within the Chin Bee F&B manufacturing cluster makes it an attractive option for buyers looking to convert the space for food manufacturing. JLL’s head of logistics and industrial, capital markets, Pamela Siow, points out the property’s value as a designated JTC food zone, despite its current use in pharmaceutical manufacturing.
With Singapore’s “30 by 30” food security initiatives in mind, properties with potential for intensive food processing, coupled with easy access to Tuas Mega Port and Tuas Checkpoint for efficient land and sea logistics, are becoming increasingly sought after.
Siow also highlights the underutilization of the property’s current plot ratio. Subject to approval from the relevant authorities, the new owner has the potential to increase the GFA to up to 106,000 square feet, making this an even more valuable investment opportunity. Don’t miss the chance to secure this prime industrial property at 11 Wan Lee Road.