SINGAPORE – – Knight Frank is pleased to announce that Century Warehouse, an exclusive freehold industrial “B1” development along Pasir Panjang Road, has been sold collectively for S$48.5 million to a private investment company.
Century Warehouse is an 8-storey freehold industrial warehouse with basement carpark, comprising 35 strata units with a total strata area of 56,539 sq ft. The development sits on a site with an area of 2,824.4sqm (approx. 30,402 sq ft) and is regular with a frontage of approximately 35 metres onto Pasir Panjang Road, and the average depth of 82 metres.
According to the 2014 Master Plan, the site is zoned “Industrial (B1)”, with an allowable Gross Plot Ratio of 2.5.
Century Warehouse is nestled within an exclusive industrial enclave, surrounded by industrial developments such as Interlocal Centre and OC @ Pasir Panjang, as well as multi-concepts stores such as tech-enabled grocery and dining destination habitat by honestbee and homegrown craft spirits distillery, Brass Lion Distillery.
The property is within walking distance to both the Pasir Panjang and Labrador MRT stations and enjoys easy access to major arterial roads and expressways such as the West Coast Highway and Ayer Rajah Expressway.
The sale price of S$48.5 million for the development translates to a unit rate of S$858 psf on the existing strata area, or land rate of S$638 psf ppr.
Mr Tan Boon Leong, Executive Director and Head of Industrial, Knight Frank Singapore, comments, “We received an encouraging response during the marketing of the property. Prospects recognised that with the recent opening of habitat by honestbee and Brass Lion Distillery in the immediate vicinity, this is not your conventional industrial enclave.”
Mr Ian Loh, Executive Director and Head of Investment and Capital Markets, shares, “Knight Frank is pleased to have represented the owners of Century Warehouse for this transaction. We received a broad range of enquiries for the property – from owner-occupiers, boutique developers and investment funds. Looking ahead, we expect continued demand for both commercial and industrial investment opportunities in 2019.