Soon Hock buys industrial property Kewalram House for S$120.5 million
The purchase price for the Business 1-zoned site translates to about S$440 psf ppr
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[SINGAPORE] A wholly owned subsidiary of industrial developer Soon Hock Enterprise has clinched the tender for Kewalram House on an en bloc basis for S$120.5 million, the group announced on Tuesday (Mar 24).
The purchase price for the Business 1-zoned site translates to about S$440 per square foot per plot ratio (psf ppr), based on its gross plot ratio of 2.5.
Kewalram House, a non-JTC industrial development, sits on a regular plot 108,359 sq ft in size. Under the Urban Redevelopment Authority’s Master Plan, this translates into a maximum permissible gross floor area of about 270,898 sq ft.
Real estate agency Quinvest Chambers International brokered the deal. Its managing director Ian Loh noted that the tender drew “healthy interest” from both developers and end users.
“This successful transaction underscores the intrinsic value of quality industrial land, and reflects continued investor confidence in Singapore’s real estate market, even amid global geopolitical uncertainties,” he said on Wednesday.
Walter Tan, executive director and chief executive of Soon Hock Enterprise, said the acquisition was a strategic move to “strengthen and expand” the group’s industrial portfolio. He added that the firm was well-positioned to “capture sustained demand” within Singapore’s industrial sector.
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Shares of Soon Hock closed flat at S$0.61 on Wednesday, after the announcement.
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