Auto-finance dealer Orchard Credit puts Leng Kee building up for sale at S$49 million
The price tag translates to a land rate of S$599 psf
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[SINGAPORE] A six-storey standalone industrial building at 1 Chang Charn Road in the Leng Kee motor belt in Alexandra is on the market at S$49 million.
The price tag for the property known as OC Building translates to a land rate of S$599 per square foot on the gross floor area of 81,836 sq ft, said marketing agent ETC, a member of Realion Group, in a press release on Monday (Mar 30).
The Business Times understands that the seller is Orchard Credit Group, an auto-finance dealer owned by Robert Heng and his family. The company, which also has a real estate arm and wine business, has its head office in the building.
The property is zoned “Business 1” with a plot ratio of 2.5 under the Urban Redevelopment Authority’s Master Plan 2025. It sits on a land parcel of about 29,720 sq ft at the corner of Chang Charn Road and Hoy Fatt Road, with a balance tenure of around 31 years.
The building’s ground floor is currently used as automotive distribution giant Inchcape’s certified pre-owned showroom.
Its upper floors are designed for a combination of media production, warehousing and office space. ETC said that this offers “flexibility for... end-users and investors seeking a centrally located and operational facility”.
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Swee Shou Fern, ETC’s head of investment advisory, noted that standalone assets within the Leng Kee automotive cluster tend to be “tightly held”.
The sale of OC Building is therefore a “compelling opportunity” for automotive players, lifestyle showroom operators and light industrial occupiers seeking “strong visibility” within the commercial cluster, she added.
The expression-of-interest exercise for the sale will close at 3 pm on May 6.
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