Exclusive marketing agent Colliers International has put up a three-storey terrace factory at Midview City for sale. It has a guide price of $6.2 million or $688 per square foot (psf).
When considering property ownership in Singapore, it is crucial for foreign investors to familiarize themselves with the applicable regulations and restrictions. In general, foreigners have relatively few barriers when purchasing condos, as opposed to landed properties which have more stringent ownership rules. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), currently at 20%, for their initial property purchase. Despite this added expense, the Singapore real estate market’s stability and potential for growth continue to entice foreign investment. In fact, Singapore Projects are highly sought after by international buyers.
Situated in the heart of Sin Ming Industrial Estate, the property along Sin Ming Lane boasts a total strata area of approximately 9,009 square feet (sq ft), including a basement and roof terrace. It is zoned as a “Business 1” site under URA Masterplan 2019.
Built in 2012, Midview City is a 60-year leasehold light industrial building that offers easy accessibility to Bright Hill MRT Station on the Thomson-East Coast Line. It is also conveniently located near residential areas such as Bishan and Upper Thomson.
Currently, the 60-year leasehold property is fully-leased, and has been approved for use as a childcare centre. The property is leased to Star Learner preschool and childcare centre, making it an attractive opportunity for investors.
According to Raphael Lee, director of industrial services at Colliers, the property presents a rare opportunity for investors as it will be sold with the existing preschool operator in place. The EOI exercise for the property will close on April 29 at 3pm.
Being a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD) and can be purchased by foreigners. To date, the property has drawn interest from both local and foreign investors, indicating its potential as a worthwhile investment.
If you’re interested in industrial property, check out the price trend for industrial property sales and past industrial sale transactions. Alternatively, you can browse through listings for available industrial properties.