THE developer of Gemini@Sims, a freehold industrial project in Kallang, is looking to sell the entire ground floor of 13 strata units via an expression of interest.
JLL, the appointed marketing agent, said Wenul Assets (Industrial) Pte Ltd is expecting offers above S$900 per square foot (psf) over the strata floor area.
“The vendors are open to selling all the units to a single buyer or to multiple buyers. Opportunities to acquire an entire level of first floor industrial units are few and far between,” said JLL national director Yong Choon Fah.
Gemini@Sims is a seven-storey light industrial building comprising 83 strata-titled units. Located at the corner of Sims Close and Lorong 17 Geylang, it is within 500 metres from the Aljunied MRT station. All the ground floor units are similar in layout, with sizes ranging from 2,626 sq ft to 3,670 sq ft. The 13 ground-floor units have a combined strata floor area of about 40,375 sq ft.
The pricing for the 31 caveated new sales in the project since 2013 averaged around S$690 psf.
She noted that this offering may appeal to owner-occupiers looking for a large ground-floor presence. “Such users could include companies in e-businesses and telecommunications, furniture warehousing and retail, light fittings and building materials suppliers, etc. For example, the space could be ideal as a display and service centre for a technology company, or a one-stop home furnishings centre.”
Zoned “Business 1” for clean and light industries, warehouse, utilities and telecommunication uses, other type of users can include computer software development, distribution services, assembly and repair of computer hardware and electronic equipment, printing and publishing industries, JLL noted. Showrooms may be allowed as an ancillary use, subject to approval and payment of development charges.
This may appeal to industrialists that are looking for freehold properties in centrally located areas such as Sims/Aljunied, given that land parcels offered by the government via the Industrial Government Land Sale (iGLS) programme now come with shorter tenures, Ms Yong said.
The offering may also appeal to investors looking to acquire the units in bulk with a view of selling the units individually at a later stage.
Based on caveats lodged, resale transactions at another strata industrial project CT Hub 2 in Kallang last year was around S$900 psf on average, while that of Oxley BizHub 1 and 2 in Tai Seng last year averaged S$600 psf.
“In 2015, the Urban Redevelopment Authority rezoned some parts of Geylang to ‘Commercial/Institution’ uses to limit the development of new residential projects in the area. As a result, going forward we expect more new commercial developments to come on stream in this location over the next few years, which would bring about new businesses and enhanced vibrancy,” Ms Yong added. “This is in addition to the many new developments sprouting up around Paya Lebar Central, which is located down the road.” They were launched around 2011-2012.