Tuan Sing Holdings sold freehold industrial Century Warehouse for $48.5m

The eight-storey warehouse sits on a 30,402 sqft plot along Pansir Panjang Road.

Property developer Tuan Sing Holdings has sold its exclusive freehold industrial development along Pansir Panjang Road for $48.5m to an unnamed investment firm, an announcement by Knight Frank revealed.

Century Warehouse is an eight-storey freehold industrial warehouse with basement parking and comprises of 35 strata units with a total strata area of 56,539 sqft. The site is zoned industrial B1 with an allowable gross plot ratio of 2.5 and an area of 30,402 sqft, the statement highlighted.

The sale price for the development translates to a unit rate of $585 psf on the existing strata area or a land rate of $638 psf ppr.

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“We received encouraging response during the marketing of the property,” Knight Frank Singapore’s executive director and head of industrial Tan Boon Leong said in a statement. “Prospects recognised that with the recent opening of habitat by honestbee and Brass Lion Distillery in the immediate vicinity, this is not your conventional industrial enclave.”

Century Warehouse is located within an industrial area surrounded by developments such Interlocal Centre and OC @ Pasir Panjang, as well as multi-concept stores. The property is also within walking distance to both the Pasir Panjang and Labrador MRT stations and is accessible via the West Coast Highway and Ayer Rajah Expressway.