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Century Warehouse in Pasir Panjang up for collective sale at S$57m

 
01 November 18 | The Business Times
by YUNITA ONG
 

Singapore

CENTURY Warehouse, a freehold industrial warehouse in Pasir Panjang Road, will be launched for a collective sale at S$57 million on Thursday.

If it finds a buyer, it could net listed property developer Tuan Sing about S$50 million to S$51 million in proceeds, as it owns 31 out of a total of the 35 strata units in the building, and close to 90 per cent of the strata area, Patrick Tan, its head of asset and fund management, told The Business Times.

The S$57 million price tag would translate to a land rate of S$750 per square foot per plot ratio (psf ppr).

Mr Tan said: "We want to divest our non-core assets to focus on our core assets of residential and commercial and we want to reinvest the capital."

He said that this site could appeal to a buyer to buy for their own use or redevelop, and said the rare freehold status and its location could be attractive.

The eight-storey building with a basement carpark is zoned B1, or for light and clean industrial use, with an allowable gross plot ratio of 2.5. The site spans about 30,402 sq ft, with a strata area totalling 56,539 sq ft.

It is surrounded by industrial developments such as Interlocal Centre and OC @ Pasir Panjang, as well as Mapletree Business City.

Tan Boon Leong, executive director and head of industrial for Knight Frank Singapore, said that with 100 per cent consensus obtained from all subsidiary owners to sell, potential buyers will find this an attractive investment.

Ian Loh, executive director and head of investment and capital markets, said: "Located in an exclusive industrial area and just 10 minutes' drive from the CBD, we believe this will be an attractive industrial opportunity for owner occupiers, developers and funds."

The tender for Century Warehouse will close on Nov 30.

Citimac Building, a freehold industrial complex near Tai Seng MRT Station, was sold last year in a collective sale to a foreign buyer for S$430.1 million or S$1,047 per square foot of potential gross floor area.

Separately, the collective sale of Park House at Orchard Boulevard was completed on Tuesday. The site had been sold to Hong Kong-listed Shun Tak Holdings for more than S$375 million or S$2,910 psf ppr - a record psf pricing for a collective sale.

The sale garnered 100 per cent consensus among all the registered proprietors of the development.

The contract for the sale and purchase was signed on June 1 and was among the last few en blocs awarded prior to July's cooling measures.

Rajah & Tann Singapore is the law firm for all the unit owners in the development and the deal was brokered by CBRE.