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June 3, 2013 By admin

Freehold building up for sale with $37m reserve

A FREEHOLD industrial building off Paya Lebar Road is up for sale by public tender at a reserve price of $37 million.

This works out to a cost of $545 per square foot per plot ratio (psf ppr) for Henley Industrial Building, which sits on a 27,161 sq ft site and has a plot ratio of 2.5.

No development charge is payable for the four-storey development, which now has 17 industrial units and is zoned “Business 1”.

The breakeven cost for the site is about $792 psf, said CBRE, which is handling the sale. It noted that industrial property units in similar developments in the vicinity, such as Primex and AZ@Paya Lebar, have been sold at between $850 and $1,300 psf.

Source: http://www.businesstimes.com.sg/specials/property/freehold-building-sale-37m-reserve-20130530

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