2 Leng Kee showrooms up for sale at guide prices of S$15m, S$23m
Vivienne Tay
Singapore
TWO industrial properties situated along the Leng Kee Road car showroom belt are up for sale via expression of interest, said marketing agent Knight Frank on Tuesday.
3 Leng Kee Road has a guide price of S$15 million and balance leasehold of 33 years. It is a two-storey workshop or showroom cum office building with a land area of 1,507 square metres (sq m) and floor area of 1,373 sq m. The standalone building currently has a car showroom and workshop on the ground level and is tenanted by Stuttgart Auto.
The property at 19 Leng Kee Road has a guide price of S$23 million and balance leasehold of 35 years. It is a five-storey showroom cum factory building with a half-basement carpark. It has a land area of 1,358 sq m and floor area of 2,697 sq m.
Currently, part of the building is occupied by a self-storage business operated by the owner on the upper floors.
According to the Urban Redevelopment Authority's Master Plan 2014, the site is zoned "Industrial (B1)" with an allowable gross plot ratio of 2.5. Future owners will be able to repurpose the sight for uses such as furniture or electronics display on the ground level, self-storage, car accessory businesses or e-commerce.
Both properties are located within a five-minute walk to Redhill MRT station and have no ground rent payable for either property.
They are also jointly and exclusively marketed by Knight Frank Singapore and Yeo & Yeo Properties and sit alongside showrooms for Lamborghini, Ferrari, Maserati, BMW, Mercedes, Porsche, Volkswagen, Audi and Toyota, among others, the statement added.
Knight Frank Singapore head of industrial Tan Boon Leong said the sale marks an opportunity for qualifying industrial users - especially those in the automobile industry - to own a corporate building.
Due to its size, the buildings may also attract more prestigious, branded dealers and distributors.
He added: "The superb location right next to Redhill MRT station, plus a ready pool of labour from the nearby catchment of residential developments, will definitely enhance the value of the properties in the median term."
The expression of interest exercise for both properties will close on Dec 3, 3pm.
