A freehold industrial property situated at 21 New Industrial Road, accessible from Upper Paya Lebar Road, has been put up for sale through an expression of interest process with a suggested price of $66 million. This site spans 3,368.4 square meters (36,257 square feet) and is designated for Business 1 use, featuring a gross plot ratio of 2.5. ERA Realty Network serves as the exclusive marketing agent for this listing.
The location is positioned near the intersection of Upper Paya Lebar Road and Bartley Road East, offering dual road exposure along Lim Teck Boo Road and New Industrial Road. The area predominantly consists of landed residential properties on one side and industrial buildings that include restaurants, food courts, and childcare facilities on the other. The property is also conveniently located within a 15-minute walking distance from both Bartley and Tai Seng MRT stations.
According to Steven Tan, managing director of capital markets and investment sales at ERA, this asset is likely to generate significant interest due to its freehold status, potential for redevelopment, and advantageous city-fringe position. He notes that the scarcity of such properties combined with the exemption from additional buyer’s stamp duty on industrial assets will enhance its attractiveness to potential buyers including property developers as well as private and institutional investors.
Desmond Lim, director and head of workspace and culture in capital markets and investment sales at ERA, remarks that the site presents a built-to-suit opportunity for industrialists aiming to construct tailored industrial spaces or corporate headquarters. “The successful developer might consider transforming the site into a green building focused on sustainability and wellness features beneficial to both the environment and future occupants.”
ERA further emphasizes that due to the limited availability of warehouses in the market, this location could be redeveloped into a warehouse facility. Its strategic city-fringe positioning makes it particularly suitable for “last mile” distribution operations. Additionally, given its proximity to nearby residential communities such as Bidadari, Bartley, and Woodleigh, it is also well-suited for self-storage developments.