reporter2
26-03-13, 18:05
http://www.businesstimes.com.sg/archive/tuesday/specials/property/lam-soon-industrial-building-relaunched-collective-sale-20130319
Published March 19, 2013
Lam Soon Industrial Building relaunched for collective sale
By nathaniel chew
LAM Soon Industrial Building, sitting on a freehold residential site in Hillview Avenue, has been relaunched for collective sale by Colliers International.
The 10-storey building comprises 154 warehouses and light industrial factories. The site measures 230,915 sq ft and has a gross plot ratio of 1.92.
Tang Wei Leng, executive director of investment services at Colliers International, said the site can be redeveloped into a 10-storey residential building comprising 403 units of 1,100 sq ft each.
Notwithstanding its current function as an industrial site, the plot is zoned for residential use, and is surrounded by residential developments such as Hillington Green, Hillview Green, HillVista, and The Lanai.
Ms Tang said: "The Hillview area is an interesting vicinity, having transformed from an industrial area into a residential enclave and which is surrounded by Bukit Timah Hill, the Bukit Timah Reserve, and Dairy Farm Nature Park."
The site has easy access to amenities such as The Rail Mall, Bukit Timah Plaza, and Beauty World; it is also near the Bukit Batok and Bukit Gombak MRT stations and the upcoming Hillview station, which is to be completed in 2015.
Ms Tang said developers seemed optimistic about the area. Neighbouring developments such as The Hillier and The Lanai witnessed "healthy transactions"; unit prices there exceeded $1,700 psf and $1,500 psf respectively.
The Lam Soon site was launched last May, but the sale was not completed because the owner's price expectations were not met. It had an indicative pricing of $330 million, or $925 psf per plot ratio.
Colliers International did not provide an indicative price for this second tender, which closes on April 3 at 2.30 pm.
Published March 19, 2013
Lam Soon Industrial Building relaunched for collective sale
By nathaniel chew
LAM Soon Industrial Building, sitting on a freehold residential site in Hillview Avenue, has been relaunched for collective sale by Colliers International.
The 10-storey building comprises 154 warehouses and light industrial factories. The site measures 230,915 sq ft and has a gross plot ratio of 1.92.
Tang Wei Leng, executive director of investment services at Colliers International, said the site can be redeveloped into a 10-storey residential building comprising 403 units of 1,100 sq ft each.
Notwithstanding its current function as an industrial site, the plot is zoned for residential use, and is surrounded by residential developments such as Hillington Green, Hillview Green, HillVista, and The Lanai.
Ms Tang said: "The Hillview area is an interesting vicinity, having transformed from an industrial area into a residential enclave and which is surrounded by Bukit Timah Hill, the Bukit Timah Reserve, and Dairy Farm Nature Park."
The site has easy access to amenities such as The Rail Mall, Bukit Timah Plaza, and Beauty World; it is also near the Bukit Batok and Bukit Gombak MRT stations and the upcoming Hillview station, which is to be completed in 2015.
Ms Tang said developers seemed optimistic about the area. Neighbouring developments such as The Hillier and The Lanai witnessed "healthy transactions"; unit prices there exceeded $1,700 psf and $1,500 psf respectively.
The Lam Soon site was launched last May, but the sale was not completed because the owner's price expectations were not met. It had an indicative pricing of $330 million, or $925 psf per plot ratio.
Colliers International did not provide an indicative price for this second tender, which closes on April 3 at 2.30 pm.