A rare opportunity for firms wanting to expand their shipbuilding or vessel repair and maintenance business has arisen at 1 Benoi Road in Singapore. The 500,000 sq ft site is up for sale via an expression of interest process with a guide price of $11.3 million.
Positioned at the junction of Benoi Road and Pioneer Road, within Jurong Industrial Estate and some 24km from the City Centre, the property boasts easy access to surrounding housing estates like Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. It also sits close to key transportation links, such as the Ayer Rajah Expressway and Pan-Island Expressway, and a five-minute drive to Joo Koon MRT Station.
The two-storey office block and single-storey annexe, three blocks of single-storey workshops, a mould loft building, a fabrication workshop, wharf and 230m frontage of waterfront further make this property attractive for potential buyers.
The sale of the property is subject to approval from the relevant authorities, with the EOI process closing on April 27 at 3 pm.
Isabel It, associate division director at Huttons Asia, the marketing agent for the sale, said the regular-shaped lot has a corner frontage of 255m on Benoi Road and Pioneer Road, with an average plot depth of 213m.
Recent transactions on Benoi Road have shown the potential of similar properties in the area. In December 2020, a 328,105 sq ft plot was sold at 5 Benoi Road at $10.5 million, while an existing shipyard with a site area of 1.5 million sq ft at 55 Gul Road was acquired by ST Engineering for $95 million in February.
Lee Sze Teck, senior director of research at Huttons Asia, said that it is “rarely” that such a large plot of land – meant for vessel building and maintenance – is available for sale.
“The property is suitable for shipbuilding, ship or vessel repair and maintenance,” he added.
The sale of the property is set to mark a potentially attractive investment opportunity for expansion-minded firms. To capitalise on its potential, one should act fast since the EOI period closes soon.