According to JLL, the Ching Shine Industrial Building has been put up for collective sale through tender, with the sole marketing agent setting the minimum price at $113 million. The freehold building, located on Shaw Road, consists of 52 strata units and boasts a 100-meter frontage. The site spans 49,308 square feet and has a gross floor area of approximately 137,341 square feet.
Dating back to the 1980s, the building is zoned for “Business 1” use under the URA Master Plan 2019, with a gross plot ratio of 2.5. More than 80% of the owners have given their consent for the collective sale at the minimum price set by JLL, which equates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.
JLL has also stated that with URA approval, the site could 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 given in-principle non-objection to the proposed food factory. Alternatively, the freehold asset could also offer an attractive investment opportunity for family offices seeking long-term growth or owner-occupiers looking to establish a corporate presence.
Senior Director of Capital Markets at JLL Singapore, Nicholas Ng, believes that the site would also appeal to developers due to the absence of Additional Buyer’s Stamp Duty, which can impact project timelines. The property is easily accessible via major expressways such as the PIE, CTE and KPE, and is within walking distance from Tai Seng MRT Station on the Circle Line. It is situated within the bustling Tai Seng Industrial Estate, surrounded by other food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, as well as amenities like Grantral Mall @ Macpherson and 18 Tai Seng.
In November 2023, Noel Building, a freehold Business 1 industrial building at 50 Playfair Road, was sold en bloc for $81.18 million, 17% above its $70 million guide price. Ng believes this transaction highlights the strong demand for such assets in the area and expects a similarly competitive response for Ching Shine Industrial Building.
The tender for Ching Shine Industrial Building will close on April 3 at 3pm.