Wednesday, August 22, 2012

Factory at Sims Drive sold for $43m; Thomson View condo back on en bloc market


Business Times: Wed, Aug 22

A FREEHOLD landed factory near the junction of Sims Drive and Lorong 17 Geylang has changed hands at $43.18 million, falling short of the asking price of between $48 million and $50 million.

The buyer is a subsidiary of Fong Tat Group, said the property's marketing agent HSR.

The 34,912.7 square feet site at 53 Lorong 17 Geylang has a gross plot ratio of 2.5, which translates to a price of $495 per square foot per plot ratio (psf ppr) based on the selling price.

The site was launched in the collective sale market last month, with an indicative price of $550 to $573 psf ppr.

It is zoned for Business 1 use, which includes clean industry, light industry, warehouse, public utility and telecommunication uses. No development charge is payable for the redevelopment of the site.

Jeffrey Goh, head of investment sales at HSR, noted that industrial property prices climbed 7.3 per cent and 8.4 per cent in the first and second quarters of 2012 respectively.

"Barring any unforeseen circumstances, this attractive price growth looks set to continue for some time because freehold industrial properties are a much sought-after asset class for companies and investors switching their investments into the industrial sector," he said.

Meanwhile, HSR has put up Thomson View condominium for sale by public tender again.

The 99-year leasehold residential site located along Upper Thomson Road has a guide price of $580 million.

Including a $107 million premium to enhance the property's use and a $90 million premium to top up the lease, which has 62 years left, this translates to $685 per square foot per plot ratio.

Inclusive of the additional 10 per cent gross floor area for the balcony area - for which the site may incur a development charge payable to the authorities amounting to about $46 million - the unit land price is $659 psf ppr.

The project, which comprises 200 flats, 54 townhouses and a shop unit, has a land area of 540,314 square feet.

Under Master Plan 2008, it is zoned for residential use, with a gross plot ratio of 2.1.

HSR said the tender has been extended by a week and will close on Sept 4 at 3pm.

  
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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