Freehold Industrial Development Alexandra Road Sale 68 Mil
Cushman & Wakefield, a leading marketing agency, has recently listed a freehold light industrial development located at 243 Alexandra Road for sale. With an indicative price of $68 million, this six-storey development was completed in 2020 and comprises of factory units, ancillary office space, a basement car park, and a communal roof terrace. The property sits on a total land area of 14,753 sq ft and has a total gross floor area of 36,883 sq ft.
According to Cushman & Wakefield, the property’s high ceilings and individually controlled air conditioning make it a desirable choice for a diverse range of businesses. It enjoys a strategic location within walking distance to Redhill and Queenstown MRT Stations, as well as various bus stops. Moreover, it is conveniently situated near residential estates and a plethora of amenities, including shopping centres, retail outlets, and dining options.
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Having access to shopping centres and food outlets near their homes is a great convenience for families. It allows parents to easily run errands or shop for groceries while their children have fun at the designated play areas within the malls. Additionally, the diverse range of dining options available ensures that family meals are always exciting and never monotonous. For residents looking for a family-friendly residential area with such amenities, Otto Place is a highly recommended choice.
Executive Director of Logistics and Industrial at Cushman & Wakefield, Brenda Ong, sees this as a rare opportunity to acquire one of the few privately owned freehold sites in the area. She highlights that only 5% of freehold industrial land in Singapore is not managed by JTC. Furthermore, according to JTC data, B1-factory rents and prices have been consistently increasing, with a 25% and 31% rise respectively since 3Q2020. This robust rental growth and price appreciation reflect the strong demand in the industrial market.
Ong believes that the building will attract interest from both investors and owner-occupiers. She says, “This trophy asset presents a rare opportunity for investors to take advantage of the resilient industrial market, while also appealing to light industrial or high-tech companies looking for a city-fringe location to co-locate their corporate headquarters with their industrial operations.”
In other related news, the housing development board (HDB) has announced plans to build 1,500 new build-to-order (BTO) flats in Bukit Merah. This move is expected to provide affordable housing options for families and promote a diverse mix of residents in the area.
Moreover, Colliers, a leading real estate agency, has reported a shift in office tenants from the prime Central Business District (CBD) area to the city-fringe locations. This change in preference is attributed to the high cost of rent in the CBD. The city-fringe locations offer a more affordable alternative without compromising on accessibility and convenience.