JLL has announced the sale of Ching Shine Industrial Building to Soon Hock Group for S$113.m. The 52-unit development, located at 20 Shaw Road, was sold through a tender process. The site, which spans 49,308 square feet, boasts a 100-metre frontage along Shaw Road and is zoned ‘Business 1’ under the 2019 Master Plan.
The sale, subject to conditions including an order of sale by the Strata Titles Board, reflects a unit land rate of approximately S$824 per square foot per plot ratio. The site has an existing gross plot ratio of close to 2.79, pending verification by the Urban Redevelopment Authority.
Walter Tan, CEO of Soon Hock Group, expressed satisfaction with the acquisition, stating, “We are pleased to be the successful bidder of Ching Shine Industrial Building, a strategically located freehold industrial property acquired en bloc, as part of our continued efforts to strengthen our industrial portfolio in Singapore.”
Nicholas Ng, Senior Director of Capital Markets at JLL Singapore, noted the site’s investment potential, highlighting the absence of Additional Buyer’s Stamp Duty as a key attraction for developers. The site offers excellent connectivity to major expressways and is a short walk from Tai Seng MRT Station, enhancing its appeal.
The Ching Shine Industrial Building sale underscores the growing interest in industrial properties in Singapore, with its strategic location and potential for asset enhancement making it a valuable acquisition for Soon Hock Group.
“`
