North Spring Bizhub more than 80% sold

50% of the units that were already sold were for owner occupation, while the remaining 50% were for investment purposes.

International property consultant, Colliers International is launching on August 17, 2011, the final phase of North Spring Bizhub, releasing the balance 88 prime units that are mainly located on the first and second storeys. The brand new seven-storey light and general industrial development is located at Yishun Industrial Street 1.

Developed by Soilbuild Group Holdings Ltd, North Spring Bizhub is the second private ramp-up industrial development available for strata sale in Singapore, featuring direct vehicular access to every level for 40- ft containers. It has a 60-year leasehold tenure (w.e.f. February 1, 2011) and comprises a total of 454 units and two canteens.

Among the 88 units released in the final phase of the launch, 82 are smaller units with unit size ranging from 1,539 sq ft to 2,594 sq ft. Prices for such units start from approximately S$326 per sq ft. The size of the other six larger units range from 23,078 sq ft to 36,135 sq ft and they are priced from S$213 per sq ft.

Mr Tan Boon Leong, Director of Industrial Services, Colliers International, says, “Since the soft launch in May 2011, more than 80 per cent of the total number of units has already been taken up. Affordable unit pricing and unique specifications such as high floor-to-ceiling and direct vehicular access to every level, among others, contribute to the strong take-up rate. We are confident that the launch of the final phase would also see encouraging demand – from both end users and investors. In fact, it was observed that 50 per cent of the units that were already sold were for owner occupation, while the other 50 per cent were for investment purposes.”

Mr Tan continues, “Despite the current uncertainties in the stock market and an expected higher inflation rate, we expect little impact on the buying sentiment, as property investment is generally viewed as a safer investment alternative and a hedge against inflation. Unlike other property types such as office and retail which have very limited stock for strata sale, there has been a good line-up of industrial properties available. Moreover, industrial property investors will continue to benefit from the spill-over effect from higher office rental demand. The increased demand by investors switching from residential to industrial properties due to government regulations would help to maintain capital values of industrial properties. Units at North Spring Bizhub are expected to enjoy an attractive rental yield of some eight per cent.”

“Additionally, genuine buyers would seek to leverage the current all-time-low SOR interest rate of - 0.6987 per cent. For investors, this translates to either an opportunity to afford a bigger space or a lower mortgage payment. The same also applies to end users, who are typically small and medium enterprises that are sensitive to changes in interest rates. They could then channel the savings from the lower mortgage payment to their main business activities,” adds Mr Tan.

Located near Yishun MRT station and bus interchange, North Spring Bizhub is also easily accessible via major expressways – including Central Expressway, Bukit Timah Expressway, Seletar Expressway and Tampines Expressway. Amenities are available at NorthPoint Shopping Centre.