Industrial site in Ang Mo Kio up for sale

A "BUSINESS 2" zone site in Ang Mo Kio has been put up for sale by a major Japanese semiconductor company.

The asset, which is situated at 38 Ang Mo Kio Industrial Park 2, consists of three buildings and one annexe with production and warehousing areas.

It has a gross floor area of approximately 341,539 square feet, sitting on a site of approximately 177,604 square feet and a remaining tenure of about 26 years. The property has a plot ratio of 2.5.

New York-listed Jones Lang LaSalle (JLL), a commercial real estate and property services firm, has been appointed as the exclusive marketing agency for the sale of the industrial asset.

There have been two sizeable transactions in Ang Mo Kio Industrial Park 2 since 2012. One of them, with a balance tenure of approximately 27 years, was transacted by JLL in 2012 for S$24.3 million; the other, with a balance tenure of approximately one year, was caveated at S$11.1 million.

Nicholas Ng, local director of investments at JLL, said that the vendors are looking at a price of more than S$55 million, which works out to be above S$160 per square foot on gross floor area.

The property will be sold by expressions of interest which will close at 3pm on June 25, 2015.