The freehold property was originally put on sale for an asking price of S$48 million to S$50 million but the buyer, a subsidiary of Fong Tat Group, acquired it for a smaller amount.
The selling price of the 34,912.7 sq ft site, which has a gross plot ratio of 2.5, translates to S$495 psf ppr. It was launched through collective sale last month with an indicative price of between S$550 psf ppr and S$573 psf ppr.
Industrial property prices increased 7.3 percent in Q1 and 8.4 percent in Q2, said Jeffrey Goh, Head of Investment Sales at HSR.
“Barring any unforeseen circumstances, this attractive price growth looks set to continue for some time because freehold industrial properties are a much sought-after asset class for companies and investors switching their investments into the industrial sector.”
Meanwhile, HSR is also putting a Thomson View condominium back on the market with a guide price of S$580 million.
Comprising 200 flats, 54 townhouses and a shop unit, the project features a land area of 540,314 sq ft and a plot ratio of 2.1 under the 2008 Master Plan
Taking into account the S$107 million premium to enhance the condo’s use, as well as a S$90 million premium to top up the 62-year lease left, the price will reach S$685 psf ppr.
With an additional 10 percent GFA for the property’s balcony area, the unit land price would be around S$659 psf ppr.
The tender for the condo will end on 4 September.