An industrial property at 1 Benoi Road, located in Jurong Industrial Estate, has launched for sale with an Expression of Interest (EOI) exercise with a guide price of $11.3 million. With a sprawling site area of over 500,000 sq ft, the property has waterfront access.

Huttons Asia, the marketing agent for this property, said in a press release that it is suitable for shipbuilding, ship or vessel repair and maintenance. The property is situated at the junction of Benoi Road and Pioneer Road and lies 24km from the city centre. It is close to housing estates such as Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. The Ayer Rajah Expressway and Pan-Island Expressway facilitate greater connectivity.

Isabel It, associate division director at Huttons Asia, said the plot is a regular shape, with a corner frontage of 255m along Benoi Road and Pioneer Road and an average plot depth of 213m. At its east, the land has a 230m frontage along the waterfront. She also said the land is of a flat contour, with an access road level.

Lee Sze Teck, senior director of research at Huttons Asia, noted from records that the last known transaction of comparable property at Benoi Road was a 328,105 sq ft plot at 5 Benoi Road, sold for $10.5 million in December 2020. He also highlighted that a shipyard with approximately 1.5 million sq ft of land at 55 Gul Road – about a 10-minute drive from 1 Benoi Road – was acquired by ST Engineering for $95 million in February.

From his assessment, Lee believes the property for sale is suitable for businesses looking to expand, as plots of land of such size for vessel building or maintenance are rarely available.

The sale of this property is subject to approval from relevant authorities. The EOI exercise is closing this coming April 27 at 3pm.

Those interested can check out the listing near Benoi Road, Jurong Industrial Estate.

Meanwhile, in this current growth landscape, Huttons Asia also predicts a gradual increase in Chinese buyers in Singapore’s residential market in 2023, and will be aiming to have 6,000 agents under its belt by the end of 2024.