The collective sale tender for Kewalram House, a private industrial property located along Jalan Kilang Timor within the Bukit Merah industrial zone, concluded on March 24. On the same day, Soon Hock Enterprise Holding disclosed through a stock exchange announcement that it had won the tender for the 99-year leasehold development at a price of $120.51 million.

This sale price exceeds Kewalram House’s reserve price of $120 million by $510,000, which was set when the property was launched for sale in January. In a press release dated March 25, Quinvest Chambers International, the marketing agent for this development, indicated that Kewalram House is likely the first leasehold industrial site to be sold successfully en bloc.

Kewalram House is not part of the JTC developments and spans approximately 108,359 square feet, designated for “Business 1” use with a gross plot ratio of 2.5. The land has around 34 years remaining on its original 99-year lease that commenced in 1961.

Presently, the site comprises a primary block of 56 strata units alongside five standalone terrace units, with unit sizes varying from approximately 99 square meters to 805 square meters (1,066 square feet to 8,665 square feet). The total strata area of the existing development amounts to about 201,543 square feet.

Walter Tan, executive director and CEO of Soon Hock Enterprise Holding, remarked that acquiring Kewalram House represents an attractive redevelopment opportunity that aligns with their growth strategy due to their established reputation as an industrial real estate developer with significant expertise in user-centric assets.

This marks the first attempt by Kewalram House owners at a collective sale. Ian Loh, managing director of Quinvest Chambers International commented that this successful deal highlights the inherent value of quality industrial land and illustrates ongoing investor confidence in Singapore’s real estate sector despite global geopolitical challenges.