A four-storey industrial development located at 243 Alexandra Road available for sale by tender.
International property consultant, Colliers International is putting up for sale by tender a freehold four-storey industrial development located at 243 Alexandra Road.
The tender will close on October 20, 2011.
The subject property sits on a 14,753 sq ft freehold land and is currently tenanted to a single tenant whose lease expires in February 2012.
Under the 2008 Master Plan, the subject site is zoned for “Business 1” use with a plot ratio of 2.5.
Ms Tang Wei Leng (邓慧玲), Executive Director for Investment Services at Colliers International, says, “The successful buyer could tear down the existing development to erect a build-to-suit development of six-storey high. He or she could tailor the building features and design to fit his or her business requirements and communicate the desired corporate image, while achieving maximum space efficiency and cost effectiveness.
Alternatively, given that the land is freehold, there is no land rent payable to the State and the buyer could also sub-divide the new development into strata units for sale.”
Ms Tang adds, “Many build-to-suit developments in Singapore are located in business parks or the outlying areas such as Jurong and Tuas, which can be inconvenient for some businesses. The locality of this site is at the fringe of the Central Business District (CBD), which provides a good opportunity for business owners who appreciate the proximity to the CBD.
A HDB-leasehold site located at the nearby 11 Kung Chong Road was sold to Eurokars for more than S$20 million this month.”
The neighborhood is a well-known locality housing established car showrooms and service centres, as well as showrooms for furniture and furnishings, plus kitchen and bathroom fittings and fixtures.
Prospective buyers can also explore other uses for the development, such as converting it into one for religious use, upon approval from the relevant authorities.
Located along the main Alexandra Road, the subject property has easy access to other parts of the island via the Ayer Rajah Expressway, the Central Expressway and East Coast Parkway, as well as the nearby Redhill MRT station. Public transportation is easily available along Leng Kee Road and Alexandra Road. Nearby prominent industrial and commercial developments include Cycle and Carriage, Citroen, SIS Building and Thye Hong Centre, among others.