A freehold industrial site at the junction of MacPherson Road and Howard Road has been launched for sale by public tender.
The site has a total area of 30,157 sq ft and is zoned for Business 1 development, with a plot ratio of 2.5 under the Master Plan 2008. This translates to an allowable gross floor area (GFA) of around 75,393 sq ft.
Currently, the site houses a five-storey industrial building with 15 car park spaces and six lorry lots on the ground level. It comprises six strata-titled terrace units with a total strata floor area of 46,037 sq ft.
According to DTZ, the sole marketing agent, the site can generate a new development with 66 industrial strata units, assuming an average size of 1,000 sq ft per unit and a building efficiency of 88 percent.
It added that a development charge (DC) is not payable to increase the GFA to 75,393 sq ft, as allowed in Master Plan 2008.
Meanwhile, the area has undergone major improvements in infrastructure, with road widening works, the KPE and the Circle Line. This has encouraged investments in the area, including several prominent developments like Tata Communication Exchange, Oxley Bizhub and Sakae Sushi.
The site also enjoys excellent accessibility through Aljunied Road, Bartley viaduct, MacPherson Road, the KPE, PIE and Upper Paya Lebar Road.
“The property’s close proximity to residential areas makes it an attractive workplace located closer to home,” said Shaun Poh, DTZ’s Head of Investment Advisory Services and Auction.
“We expect this rare opportunity to appeal to industrial developers sourcing for development land or endusers seeking a standalone property, possibly as their headquarters.”
The public tender will close on 12 January 2012.