B2 industrial site in Gul Lane on sale for $48 mil

A 549,251 sq ft industrial site at 19 Gul Lane is on the market for $48 million, according to a press release from Cushman & Wakefield, the marketing agent. The site is zoned ‘Business 2’ under the latest Master Plan. It is close to Gul Circle MRT Station on the East-West Line and enjoys proximity to Tuas Checkpoint, Jurong Island, Jurong Innovation District (JID) and the new Tuas Mega Port. Existing buildings on site include a warehouse and production space, with an existing gross floor area of 359,926 sq ft. Asset enhancement works on the properties were completed in 2022, including renovating the office interiors. Read also: Properties for sale for May 6-7 Advertisement However, Cushman & Wakefield says the plot is ideal for redevelopment or asset enhancement. If redeveloped, the new development could have a maximum built-up area of 768,951 sq ft. The regularly shaped plot is ideal for a new prime logistics or large manufacturing facility. The sale of this industrial site would appeal to production or manufacturing plant businesses, high-tech manufacturing firms, and third-party logistics or warehouse users, says Brenda Ong, executive director of logistics and industrial markets at Cushman & Wakefield. “Rarely does a sizable land plot become available in land-constrained Singapore, presenting a unique opportunity for end-users with substantial space requirements. The site is ideal for high-tech manufacturing facilities in new economy sectors,” she says. “It would also appeal to core engineering sectors, electronics, or third-party logistics, looking to control occupancy costs better and expand their operations in the west region of Singapore”. The site will be sold in an Expression of Interest exercise that closes on July 30.