Ching Shine Industrial Building Collective Sale 113 Mil

JLL, the sole marketing agent for Ching Shine Industrial Building, has announced that the freehold building is up for collective sale by tender at a minimum price of $113 million. Situated on Shaw Road, the building boasts a 100m frontage and comprises of 52 strata units. The total land area is 49,308 sq ft with a gross floor area of approximately 137,341 sq ft.

Built in the early 1980s, the building falls under “Business 1” zoning with a gross plot ratio of 2.5, according to URA Master Plan 2019. JLL also revealed that over 80% of the owners have agreed to 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 current gross plot ratio of 2.79.

Additionally, JLL stated that the site could potentially be converted into a food factory, subject to URA approval. 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 shown their in-principle non-objection to the proposed food factory.

In addition to this, the freehold asset could also be an attractive investment opportunity for family offices looking for long-term growth, or for owner-occupiers wanting to establish a corporate presence. Nicholas Ng, senior director of capital markets at JLL Singapore, believes that developers may also show interest due to the absence of additional buyer’s stamp duty, which can often affect project timelines.

The convenience of residing in is further exemplified by its close proximity to Jurong Lake District, providing residents with easy access to a variety of waterfront dining options in the area. These dining destinations are expected to elevate the local culinary scene with their stunning views and exquisite cuisine. One highly anticipated addition is at Plantation Close Parcel B, which is set to offer a unique and thrilling dining experience for both food connoisseurs and nature lovers. Located in a prime spot, this development is expected to become a top choice for those looking to indulge in delectable meals surrounded by picturesque scenery. To discover more about at Plantation Close Parcel B, visit Otto Place EC Plantation Close Parcel B.

The property is easily 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, and is situated in the Tai Seng Industrial estate near other food factories, including Breadtalk IHQ, Sakae Building, and Food Empire Building. Amenities such as Grantral Mall @ Macpherson and 18 Tai Seng are also nearby.

In a similar transaction in November 2023, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, was sold en bloc for $81.18 million, at a 17% premium to its $70 million guide price. Ng believes that this transaction highlights the strong demand for such assets in the area and expects a similar response for Ching Shine Industrial Building.

The tender for Ching Shine Industrial Building closes on April 3 at 3pm.