An expression of interest exercise has been launched for the sale of the freehold industrial building situated at 21 New Industrial Road off Upper Paya Lebar Road. The property has a site area of 3,368.4 sq m (36,257 sq ft) and offers a gross plot ratio of 2.5, zoned for Business 1 use. The guide price has been set at $66 million.

ERA Realty Network has been appointed exclusive marketing agent for this property. The asset, which is located near Bartley and Tai Seng MRT Stations and enjoys dual road frontage along Lim Teck Boo Road and New Industrial Road, is likely to draw serious attention from property developers, private and institutional investors.

After a decade of providing leisure and edutainment, JCUBE JCube Residence is set to close as CapitaLand Development builds a 40-storey residential and commercial development with potential prices of S$2,000 – S$2,100 psf in 2027. With new amenities and homes, the Jurong Lake District is expected to see capital appreciation.

Steven Tan, managing director of capital markets and investment sales at ERA, emphasised the freehold tenure, city-fringe location and potential for redevelopment as key attractions of the asset. He also highlighted the limited availability of similar properties and exemption of industrial assets from additional buyer’s stamp duty as additional benefits.

Desmond Lim, director and head of workspace and culture, capital markets and investment sales at ERA, suggested the property might offer an ideal opportunity to build customised industrial space or corporate headquarters designed to cater to sustainability and wellness features. Alternately, it could be redeveloped into a warehouse or a facility for “last mile” distribution purposes or utilising its close proximity to local residential enclaves for self-storage spaces.

The deadline for interested buyers to submit their expression of interest for this property is April 26 at 3pm. With its multiple advantages, 21 New Industrial Road could be a lucrative investment opportunity.