Strata-titled industrial property under works at Gambas
The 293-unit Ark@Gambas is one of the last few GLS sites with 60-year lease term.
In a release, Colliers International has been appointed by HLS Development Pte Ltd as the sole marketing agent for the sale of its 60-year leasehold strata-titled industrial development, which is located at 7 Gambas Crescent.
This is the first industrial development to be built in the Gambas area, which is located beside the established Woodlands industrial estate.
Named Ark@Gambas, the B1 industrial development is a nine-storey light industrial building comprising a total of 293 part-ramp-up and part-flatted factory units, with full-glass frontage and floor-to-floor height of up to seven metres for the ground-floor units. The size of a typical column-free unit ranges from approximately 1,600 sq ft to 2,700 sq ft, with prices starting from S$350 per sq ft.
Additionally, Ark@Gambas provides generous car parking facilities at a three-lot-per-unit ratio. It also has a canteen within the premises. Works has commenced on site and the development is scheduled to be completed by end 2015.
Mr Tan Boon Leong, Executive Director of Industrial Services at Colliers International, says, “Since 2010, we have been seeing increasing interest in strata-titled developments from both end users and investors, resulting in robust activity in the industrial strata sales market. Hence, we expect similar interest levels from both end users and investors for this development – especially since this is the first B1 strata-titled industrial development to be launched in the Gambas area this year.”
The CEO of Hock Lian Seng Group comments, “Since 1969, the Group has undertaken and completed a wide range of civil engineering and infrastructural works involving MRT, expressways, bridges, reclamation and property developments in Singapore, as well as in overseas. It is timely for the Group to move forward to industrial development to strengthen its growth, and Ark@Gambas is testament to the Group’s belief that there is potential and growth in the industrial sector in Singapore.”
Mr Tan adds, “Ark@Gambas is one of the last few Government Land Sales sites released with a 60-year lease term. With the Government reducing the tenure of industrial sites to 30 years with effect from June 2012, we expect capital values in industrial developments with longer tenures to appreciate in the medium term.”
Strategically located within the industrial cluster in northern Singapore, Ark@Gambas is in proximity to Admiralty and Sembawang MRT stations, and is well-connected to the rest of the island via Seletar Expressway which is a five-minute drive away.