SINGAPORE, 10 April 2019 – Cushman & Wakefield has been appointed as the exclusive marketing agent for the sale of a high specification industrial building at 115 Eunos Avenue 3, Singapore (the “Property”).
Within a mere 400 metres walk from the Paya Lebar MRT Interchange Station, the Property is located within the bustling commercial hub in Paya Lebar Central, home to a full stream of bustling developments including Paya Lebar Square, Paya Lebar Quarter (PLQ), WDA’s Lifelong Learning Institute, Kinex (formerly OneKM Shopping Mall) as well as the revamped Singapore Post Centre and Geylang Serai Market.
The Property is a 6-storey detached building completed just three years ago. It has a land area of approximately 7,718 sq m with gross floor area of approximately 19,294 sqm. Sitting on JTC (formerly HDB) land, it has a leasehold tenure of 60 years commencing from 1 February 1980 (balance of approximately 21 years).
The Property is built with high specifications such as high ceiling, high floor loading, large floor plate, large passenger/cargo lifts, covered carpark and a ground floor canteen. The typical floor plate is regular with approx. 43,000 sq ft. The average floor-to-floor height is approx. 7.0m, making it one of the tallest buildings in the vicinity.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “It is currently 100% tenanted to 15 tenants with most of the tenancies structured with rental escalation.”
Mr. Poh continues, “Office and industrial rents in Paya Lebar have been on a steady uptrend. The recent completion of Paya Lebar Quarter (“PLQ”) attracted key tenants like Great Eastern, Bayer, SMRT and NTUC Income which resulted in the median office rent in Paya Lebar rising by almost 20% from the trough to 4Q2018. The lack of supply of high specification industrial space in central areas like Paya Lebar has also pushed the rents for such spaces above $3.00 psf per month.”
Paya Lebar Central is just a ten-minute drive from the Central Business District and is well connected by major expressways with the PIE and the ECP as well as major roads like Sims Avenue, Paya Lebar Road and Changi Road. In terms of public transport, Paya Lebar MRT Interchange Station connects the commuters to the rest of the island through both Circle and East West lines.
The Property is being put up for sale by an Expression of Interest (“EOI”) closing on 16 May 2018 (Thursday) at 3.00pm.
For further information, please contact:
Executive Director, Capital Markets
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.