Lam Soon Industrial Building re-launched for collective sale
Here's what a successful bidder could expect.
International property consultant, Colliers International is re-launching for collective sale Lam Soon Industrial Building, which is located at 63 Hillview Avenue.
The tender will close on 3 April 2013 at 2.30 pm.
Sitting on a 230,915 sq ft freehold site, Lam Soon Industrial Building is a 10-storey light industrial development comprising a total of 154 warehouses and light industrial factories.
Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 1.92. Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services of Colliers International, says, “The Hillview area is an interesting vicinity – having transformed from an area that used to house industrialists into a residential enclave that is surrounded by Bukit Timah Hill, Bukit Timah Reserve and Dairy Farm Nature Park. The area is now undergoing further rejuvenation works, and connectivity to the rest of the island will soon be boosted by the upcoming Hillview MRT station that is slated for completion.
Hence, we are optimistic that the subject site will appeal to developers who are on the lookout for available freehold sites. The successful buyer could re-develop the site into a 10-storey residential development comprising 403 units of 1,100 sq ft each.
In fact, the neighbouring developments – The Hillier and The Lanai – saw healthy transactions, with unit prices exceeding some S$1,700 per sq ft and S$1,500 per sq ft, respectively.”
Located off Upper Bukit Timah Road, the subject site is surrounded by mainly residential developments – such as Hillington Green, Hillview Green, HillVista and The Lanai, among others. Amenities are readily available at the nearby The Rail Mall, Bukit Timah Plaza and Beauty World.
The subject site also enjoys easy access to other parts of the island via Bukit Timah Road, Bukit Timah Expressway and Pan Island Expressway. Apart from the upcoming Hillview MRT station, Bukit Batok and Bukit Gombak MRT stations are also in proximity to the site.