Ching Shine Industrial Building for collective sale at $113m

The freehold industrial property consists of 52 strata units.

JLL has launched the Ching Shine Industrial Building for collective sale by tender, with a minimum price of $113m. 

The tender for will close on 3 April, at 3:00 p.m.

The freehold industrial property, built in the early 1980s, consists of 52 strata units on a 49,308-square-foot site along Shaw Road. 

More than 80% of owners have agreed to the collective sale, with Donaldson & Burkinshaw LLP appointed as legal representatives.  

The site is zoned "Business 1" under the Urban Redevelopment Authority's (URA) 2019 Master Plan and has an existing gross floor area of approximately 137,341 square feet. 

A developer could potentially convert the site into a food factory, subject to URA approval.

The minimum price reflects a unit land rate of about $823 per square foot per plot ratio at the current gross plot ratio of 2.79.  

The National Environment Agency has confirmed that the site meets buffer requirements for a multi-user food factory, whilst the Singapore Food Agency has given in-principle non-objection to the redevelopment. The project now awaits URA’s decision.  

Nicholas Ng, senior director, Capital Markets at JLL Singapore, said demand for freehold industrial assets remains strong, particularly due to the absence of Additional Buyer's Stamp Duty. He expects significant interest from developers, family offices, and owner-occupiers.  

The site is well-connected to major expressways (CTE, PIE, KPE) and is five minutes from Tai Seng MRT Station. 

It is near food factories such as Breadtalk IHQ, Sakae Building, and Food Empire Building, and close to amenities like Grantral Mall @ Macpherson and 18 Tai Seng.  

Ng noted that the recent collective sale of Noel Building in November 2023, which closed 17% above the reserve price, reflects strong demand for industrial assets in the area.