An industrial property located in Benoi Road, within Jurong Industrial Estate, is up for sale via an expression of interest (EOI) exercise. The property has a guide price of $11.3 million and enjoys 500,000 sq ft of site area with waterfront access.
According to Huttons Asia, the marketing agent in charge of the property, it is suitable for shipbuilding, ship or vessel repair and maintenance. The land has a corner frontage of around 255m along Benoi Road and Pioneer Road, with an average plot depth of 213m. To its east, it faces the waterfront with a roughly 230m frontage.
Isabel It, associate division director of Huttons Asia, says the land has a flat contour and is slightly elevated from the access road. The two-storey office block and single-storey annexe offices, three blocks of single-storey workshop, a mould loft building and a fabrication workshop are all located on the property.
Being located at the junction and within a 24km drive from Singapore City Centre, the property provides easy access to urban areas such as Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. It is connected to parts of the island via Ayer Rajah Expressway and Pan-Island Expressway. Joo Koon MRT Station is a five-minute drive away.
Recent transactions of industrial property on Benoi Road (Source: EdgeProp Research tool)
Lee Sze Teck, senior director of research at Huttons Asia, says the last known sale nearby similar to this property was a 328,105 sq ft plot at 5 Benoi Road in December 2020 at $10.5 million. Another one, at 55 Gul Road—roughly a 10-minute drive away—with a site area of 1.5 million sq ft was acquired by ST Engineering for $95 million in February.
Given the rare availability of land for vessel building and maintenance, Lee believes the latest property should attract interest from companies looking to expand their business. The sale is subject to approval from relevant authorities. The EOI exercise for the property will close on April 27 at 3pm.
The route to acquiring this shipyard lies in the EOI exercise at a guide price of $11.3 million. With its sizable land of 500,000 sq ft and waterfront access, as well as its location near to residential estates and within a 24km drive to Singapore City Centre, this property is definitely worth looking into.