-- Rare availability of well-connected B2 industrial site with lengthy balance lease --
Singapore, May 11, 2016 – Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is putting up a B2 industrial land plot at 118 Pioneer Road for sale.
This is a massive corner site of approximately 173,225 sq ft with prominent double frontages along two major roads – Tuas West Road and Pioneer Road, and is currently occupied by a three-storey detached factory with a gross floor area of approximately 426,868 sq ft. Under the 2014 Master Plan, the industrial site is zoned for “Business 2” use with a maximum approved plot ratio of 2.5.
Mr Lim Kien Kim (林建金), Executive Director of Industrial Services, Colliers International, says, “The site, conveniently located between Jurong Industrial Estate and Tuas Industrial Estate, presents an excellent opportunity for end-users looking to own a sizeable asset. The subject property has a lengthy remaining tenure of 39 years compared to the shorter 20-year lease term of new industrial land releases.”
The site is located in a vicinity which will see a boost in vibrancy upon the launch of the nearby Tuas Mega Port. The mega port is designed to consolidate all existing Port of Singapore Authority’s ports and will be ready in 2021.
He adds, “We expect keen interest in this site as it is suitable for most industrial trade including qualified developers. The potential value of such a property is in excess of SGD45 million. Back in the 1990s, the building located on this site was viewed as iconic and futuristic by industrialists. The site has huge redevelopment potential and the eventual buyer will benefit from being able to fully exploit the size of the land and its accessibility options as major transport infrastructure improvement works are in progress.”
The industrial site is easily accessible via Ayer Rajah Expressway, Pan Island Expressway and the future Tuas West Extension, which will run along Pioneer Road to Tuas South Avenue 3. The Tuas West Extension is a new 4.8km dual 3-lane viaduct conveniently linking major expressways to Tuas South Avenue 3. This is Singapore’s first twin-tier viaduct.
Commuters will also be able to access the site via the Tuas West Road MRT station which will be completed by the end of 2016.