Goodland Group puts Kim Chuan Lane industrial building up for sale at $73 mil
Planning approvals for food factory and workers’ dormitory uses may broaden buyer interest and support asset-enhancement strategies amid worker accommodation demand exceeding supply.
Goodland Group is selling its eight-storey freehold industrial building at 3 Kim Chuan Lane by private treaty for $73 million.
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Listed Singapore property developer Goodland Group has put an eight-storey industrial building at 3 Kim Chuan Lane up for sale by private treaty.
A property listing online indicates a $73 million price tag for the freehold property, located in the Tai Seng-Kim Chuan industrial precinct.
The property occupies a Business 2 site measuring approximately 16,685 sq ft. It comprises 15 strata-titled factory units and two levels of basement car parking, with an existing gross floor area of about 41,710 sq ft and a total strata area of approximately 54,939 sq ft.
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Known as Goodland Group Building, the property currently houses the group’s corporate headquarters. In an August bourse filing, the group said it intends to move its headquarters to a commercial building it owns at 1377 Serangoon Road, which recently obtained its Certificate of Statutory Completion. Goodland Group will occupy a portion of the new building, with the remaining space to be leased out.
Cushman & Wakefield and Knight Frank have been appointed as joint marketing agents for 3 Kim Chuan Lane.
In an August press release, the marketing agents say planning approval has been obtained for addition and alteration works at the property for food factory use.
Separately, outline planning permission has also been secured for the property’s proposed usage as a workers’ dormitory, potentially paving the way for a 10-year temporary conversion or a permanent conversion.
The planning approvals provide buyers with greater certainty for pursuing asset enhancement and exit strategies, said Shaun Poh, executive director for capital markets at Cushman & Wakefield.
Melvin Chay, senior director for capital markets at Knight Frank, noted that worker accommodation demand continues to outpace supply. “3 Kim Chuan Lane is well-positioned to capture this structural demand, having already secured planning approval for conversion to workers' dormitory use,” he added.
Read also: Joo Seng Road industrial property up for sale at $34 mil
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