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3 Kallang Junction building up for sale

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A light industrial building in Kallang Industrial Park (Kallang iPark) with a remaining lease of 26 years has been put up for sale with an indicative price of about $15 million.

This works out to about $200.17 per square foot (psf) of floor area for the property at 3 Kallang Junction, which has a gross floor area (GFA) of 74,938 square feet.

The development comprises a five-storey building of warehouses, offices and cold rooms. It is zoned for Business 1 development and has a plot ratio of 2.5.

3 Kallang Junction is within the established industrial area of Kallang iPark and is near several MRT stations, including the future Bendemeer station.

A nearby development at 201 Kallang Bahru, fetched a price of $13.75 million, or about $183 psf. That building had 18 years left on its tenure.

The buyer of 3 Kallang Junction can refurbish the property to add another 10,472 sq ft of GFA and maximise the plot ratio.

The property will be sold by an expression of interest and the tender closes at 3pm on Sept 12.

Credit from Business Times - 23 July 2013
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