An expression of interest (EOI) exercise has been launched for the sale of a shipyard located at 1 Benoi Road in Singapore, with a guide price of $11.3 million. The property boasts a 500,000 sq ft site area with waterfront access and is situated near to Joo Koon MRT Station.
The property includes a two-storey office block, a single-storey annexe and three single-storey workshop blocks, a mould loft building and a fabrication workshop. “The property is suitable for shipbuilding, ship or vessel repair and maintenance,” explains Isabel It, associate division director of Huttons Asia.
The land is regular in shape, with a corner frontage of 255m on Benoi Road and Pioneer Road and an average plot depth of 213m. It has a 230m frontage along the waterfront and is flat in contour. Additionally, it is located at the junction of Benoi Road and Pioneer Road and is approximately 24km from the City Centre whilst being in close proximity of numerous housing estates.
Recent transactions in the area, such as a 328,105 sq ft plot at 5 Benoi Road which sold for $10.5 million in December 2020, and a 1.5 million sq ft plot at 55 Gul Road which was acquired by ST Engineering for $95 million in February, have emphasised the potential of the area.
Lee Sze Teck, senior director of research at Huttons Asia, explains that the property is an ideal option for those looking to expand their business. It is rare to find land of such size with the correct usage, and so he believes it should be well received.
The EOI exercise for the property closes at 3pm on April 27 and is subject to approval from the relevant authorities.
As the latest industrial property on Benoi Road, this plot carries immense potential. With a guide price of $11.3 million and an impressive suite of features, it is expected to prove popular with buyers searching for a rare opportunity. Those interested in this property need to make sure they submit their bids before the April 27 deadline.