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Six-storey industrial building, Suntec office unit up for sale

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Genova Building (left) and an office unit in Suntec City Tower 1 are up for sale with guide prices of S$12 million to S$13 million, and S$2,900 per square foot (psf) respectively,

AN INDUSTRIAL building at 58 Bendemeer Road and an office unit in Suntec City are up for sale with guide prices of S$12 million to S$13 million and S$2,900 per square foot (psf) respectively, exclusive marketing agent Knight Frank said on Tuesday.

The industrial building, Genova Building, is in Kallang Industrial Estate. It is a six-storey light industrial building at the junction of Bendemeer Road and Jalan Lembah Kallang.

It sits on a land area of 6,060 square feet (sq ft) and has a gross floor area of approximately 17,854 sq ft. Under the Urban Redevelopment Authority's Master Plan 2019, the land is zoned Business 1, with a plot ratio of 2.5. It has 44 years left on its lease.

Built in 2003 with a "modern, corporate finish", the building comprises a showroom with a mezzanine floor, warehousing and production areas, as well as office spaces, Knight Frank said. It also comes with ceiling heights of 8m on the ground floor and 6m on several other floors. Its loading and unloading bay can accommodate 40-foot vehicles.

Prominent buildings in the vicinity include Luzerne Building, Hyflux Innovation Centre and Kian Hua Building. Boon Keng and Bendemeer MRT stations are close by, Knight Frank added. 

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Knight Frank Singapore executive director of capital markets (strata sales), Mary Sai, said warehousing spaces in convenient locations are being increasingly sought after, with e-commerce flourishing globally.

"Smallish industrial buildings within the city fringe that can be employed for both corporate offices while housing light manufacturing or warehousing uses are few and far between," she added.

Sale of the property via an expression of interest exercise closes at 3pm on Aug 20.

The Suntec City property is a strata office unit in Suntec Tower 1; its being on a high floor gives it city views and partial sea views, said Knight Frank.

It has a floor area of 3,897 sq ft. It is column-free, regular in shape and has two separate entrances, allowing a possible partitioning into two smaller offices, the agent added.

Suntec City,  an integrated commercial development in the Marina Bay precinct comprising Suntec City Office Towers, Suntec City Mall and Suntec Singapore Convention and Exhibition Centre, is within walking distance of the City Hall, Promenade and Esplanade MRT stations.

Knight Frank said: "As more work from home during the cautionary Covid-19 period, smaller offices in the Central Business District have grown in popularity, given (their) easy accessibility and locational attributes that afford the maintenance of a presence in the marketplace."

Ms Sai said sales of offices in Suntec City had been "robust", with at least five transactions recently concluded in Tower 1.

The guide price of S$2,900 psf for the unit was in line with recent office transactions at Suntec City and "reflective of current market sentiments", she added.

The latest unit sold on the 37th storey of Tower 1 transacted at S$2,890 psf in May; another unit on the 33rd storey in Tower 2 transacted at a high of S$3,209 psf in January, she said.

She added that the current unit was likely to appeal to owner-occupiers and investors who believe in commercial properties as safe-haven assets.

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