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Century Warehouse up for collective sale at $57m; Tuan Sing owns most of the strata units

Century Warehouse up for collective sale at $57m; Tuan Sing owns most of the strata units.

SINGAPORE - Century Warehouse, a freehold industrial warehouse in Pasir Panjang Road, will be launched for a collective sale at $57 million on Thursday (Nov 1), with 100 per cent owners' consensus.

That would translate to a land rate of $750 per sq ft per plot ratio (psf ppr), marketing agent Knight Frank said in a statement on Wednesday afternoon. It is zoned B1, with an allowable gross plot ratio of 2.5.

Listed property developer Tuan Sing Holdings owns 31 out of a total of the 35 strata units in the building, according to the company's website.

The eight-storey building has a total strata area of 56,539 sq ft, sitting on a site spanning about 30,402 sq ft. It is surrounded by industrial developments such as Interlocal Centre and OC @ Pasir Panjang, as well as Mapletree Business City.

Tan Boon Leong, executive director and head of industrial for Knight Frank Singapore, said that with 100 per cent consensus obtained from all subsidiary owners to sell, potential buyers will find this an attractive investment.

Ian Loh, executive director and head of investment and capital markets said: "Located in an exclusive industrial area and just 10 minutes' drive away from the CBD (central business district), we believe this will be an attractive industrial opportunity for owner occupiers, developers and funds."

The tender for Century Warehouse will close on Nov 30, 2018.

Citimac Building, a freehold industrial complex near Tai Seng MRT Station, was sold last year in a collective sale to a foreign buyer for $430.1 million, or $1,047 per sq ft of potential gross floor area (GFA).

Adapt From: Straits Times, OCT 31, 2018