Jackspeed buys 2 Jalan Kilang Barat for S$39 million to house new car dealership

[SINGAPORE] Automotive company Jackspeed Holdings (Jackspeed) has bought an industrial property at 2 Jalan Kilang Barat for S$39 million, and plans to use it as a car showroom and office.

The sale to Jackspeed was completed on Sep 16, Yap Kian Peng, Jackspeed’s CEO, told The Business Times.

The purchase was recorded in a transaction dated Jun 29, 2026 in the government’s Realis database.

A listing for the sale of the property popped up in December 2025, asking for S$50 million, but was taken down after three days as news emerged that the building owner was under probe for links to international scam-kingpin Chen Zhi. The property was put under a prohibition order, which was eventually lifted.

The 32,000 sq ft building has nine storeys and a basement. It has a 99-year lease that began in 1963, so 37 years are left on its lease.

Jackspeed plans to use the basement and floors one, two, three, four and nine. Of the remaining floors, two have been rented out, while the use of the remaining floors has not been finalised.

A subsidiary of Jackspeed, Carazee, will occupy the first to the fourth floors. It is a newly-formed car dealership that specialises in mid- to high-end used cars.

Yap said that with the investment and new showroom, Jackspeed hopes to become an authorised distributor or dealer of car brands, including European or Chinese marques.

Founded in 1993, Jackspeed is a manufacturer of upholstery, plastic, and aluminium parts for the automotive industry. It has factories in Malaysia and Thailand; in Singapore, it is active in automotive leasing, insurance and financing.

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Formerly listed on the mainboard of Singapore Exchange, the entire business was sold for S$48 million as a special-purpose vehicle incorporated and owned by Yap. It delisted in 2023.

Previous ownership

The Straits Times reported earlier that 2 Jalan Kilang Barat was owned by 2JKB, a firm incorporated by Chen Xiaoxuan, a 25-year-old daughter of Tan Yew Kiat.

The building was previously sold by ESR-Logos Reit for S$35.3 million in 2022.

The Tan family’s links to a Cambodian syndicate came to light in November 2025, when police arrested Tan, the 49-year-old director of SRS Auto Holdings, as part of an investigation into international scam organisation Prince Holding Group founded by Cambodian businessman Chen Zhi.