JLL, the marketing agent for an industrial property located at 11 Wan Lee Road, off Jalan Boon Lay, has announced that the property is now available for sale through private treaty at an indicative price of $12.5 million. The price per square foot (psf) on the existing gross floor area (GFA) is $298.
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Sitting on a rectangular land plot measuring 42,574 square feet, the property is zoned for Business 2 use with a plot ratio of 2.5. The land currently has about 25 years remaining on its 30-year lease.
The location of the property is highly desirable as it is only 500 meters away from the upcoming Enterprise MRT Station on the Jurong Region Line. The site is also situated within the Chin Bee F&B manufacturing cluster, making it a potential option for conversion into a food manufacturing facility.
Currently, the site is occupied by a two-storey factory with a mezzanine floor and an ancillary office, with a GFA of 41,994 square feet. It is being used as a pharmaceutical facility, equipped with clean rooms, packaging and storage areas.
According to Pamela Siow, head of logistics and industrial, capital markets at JLL Singapore, the property’s location within a JTC food zone adds to its value as Singapore strives towards its ’30 by 30′ food security initiatives. She also points out that the site’s current plot ratio is underutilized, providing the incoming buyer with the potential to increase the GFA up to 106,000 square feet with the approval of authorities.
As the demand for industrial properties in Singapore continues to rise, properties like 11 Wan Lee Road are becoming increasingly desirable, especially with its convenient access to both the Tuas Mega Port and Tuas Checkpoint for efficient land and sea logistics.
Interested parties can contact JLL for more information on the property. With its prime location and potential for expansion and conversion, this property presents an attractive investment opportunity in Singapore’s thriving industrial market.