Soon Hock Group purchased the Ching Shine Industrial Building, a prime freehold asset, for an impressive $113.2 million. This landmark transaction marks the first time the property was offered for collective sale, and it has quickly found a new owner, Soon Hock Group, known for its expertise in commercial and industrial projects.
JLL, the sole marketing agent for this sale, played a vital role in securing the deal. Nicholas N at JLL Singapore, oversee the transaction and reported a robust attendance at the tender. In total, five offers were received, demostrating the site’s value and the confidence developers and investment funds have in the current industrial sector. Ng emphasized the property’s potential as a freehold asset, highlighting its appeal and the competitive nature of the bidding process.
Situated on a 49,308 square foot plot with a prominent 100-meter frontage along Shaw Road, the Ching Shine Industrial Building offers exceptional accessibility, being a mere five-minute walk from the Tai Seng MRT Station on the Circle Line. Its strategic location, coupled with a total gross floor area of 137,341 square feet across 52 strata units, makes this property an ideal acquisition. The purchase price equates to a unit land rate of $824 per square foot per plot ratio, reflecting its substantial potential for future development.
Walter Tan, CEO of Soon Hock Group, expressed enthusiasm over this acquisition, noting how it aligns with the company’s long-term vision to develop high-quality, future-ready assets within key economic corridors. “The freehold tenure, together with the property’s prime location, presents a significant opportunity for asset enhancement and long-term capital appreciation,” Tan remarked, underlining the strategic value this purchase brings to the group and its stakeholders.
The Ching Shine Industrial Building, constructed in the early 1980s, is zoned ‘Business 1’ with a gross plot ratio of 2.5 under the Urban Redevelopment Authority’s Master Plan 2019. It has now joined the ranks of notable industrial properties in the vicinity, including the former Noel Building, which fetched $81.18 million in a recent sale and is set to be redeveloped into Food Point Tai Seng, a 12-storey, strata-titled ramp-up food factory.
This transaction underscores Soon Hock Group’s strategic approach to acquiring valuable assets and also highlights the increasing demand and competitive interest in Singapore’s industrial property market. With this acquisition, the group reinforces its commitment to innovation and value creation, promising a future of dynamic growth and development in key sectors of the city-state.
