Freehold industrial land in MacPherson for sale by tender

21 December, 2011

DTZ has been appointed as the sole marketing agent for the sale of 1 to 11 (Odd Nos) Howard Road, Singapore. The sale is being conducted through a tender exercise which will close on Thursday, 12 January 2012, 3 pm.

The property is prominently located at the junction of MacPherson Road and Howard Road and close to numerous residential estates. The area has undergone major improvements in infrastructure with road widening works, construction of the Kallang-Paya Lebar Expressway and the Circle Line. This has encouraged investment in the area. Some prominent developments include Tata Communication Exchange, Sakae Sushi Building and Oxley Bizhub, currently under-construction.

The freehold property sits on a land area of 2,801.7 sq m (30,157 sq ft). According to the Master Plan 2008, the site is zoned 'Business 1' at plot ratio 2.5, and this translates into an allowable gross floor area of approximately 7,004.3 sq m (75,393 sq ft).

The existing development is a 5-storey industrial building with 15 car park lots and 6 lorry lots on the ground level. It comprises 6 strata-titled terrace units with total strata floor area of 4,277.0 sq m (46,037 sq ft) approximately. Assuming an average size of 1,000 sq ft per unit and a building efficiency of 88%, the site can accommodate a new development with about 66 industrial strata units. Development charge is not payable to increase the gross floor area to 75,393 sq ft as allowed in Master Plan 2008.

The subject property enjoys excellent accessibility via Aljunied Road, Upper Paya Lebar Road Road, MacPherson Road, Bartley viaduct, Kallang Paya Lebar Expressway and Pan Island Expressway. Tai Seng MRT station on the Circle Line is less than 10 minutes walking distance away. By 2017, when MacPherson MRT station (Interchange) completes, residents staying in the eastern towns of Tampines, Bedok and Kaki Bukit will have easier access to work.

Shaun Poh, DTZ's Head of Investment Advisory Services and Auction commented: "With the latest cooling measures implemented by the government on the residential sector, industrial properties have become an alternative investment option to many. Freehold industrial land is especially more sought-after given its limited supply. The property's close proximity to residential areas makes it an attractive workplace located closer to home. We expect this rare opportunity to appeal to industrial developers sourcing for development land or end-users seeking a standalone property, possibly as their headquarters."

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