Novelty Techpoint is fomer Henley INdustrial Building
Novelty Techpoint is fomer Henley INdustrial BuildingThe four-storey Henley Industrial Building (pictured) off Upper Paya Lebar Road has been sold to a unit of Novelty Group for S$37 million, or around S$545 per sq ft per plot ratio in a tender exercise which closed earlier this month, said marketing agent CBRE.
The 17-unit freehold property is located on an elevated site zoned Business 1 with an area of 27,161 sq ft and plot ratio of 2.5 under the 2008 Masterplan.
“We received good response at the public tender from a handful of business occupiers wanting a standalone building with naming rights and developers, which is a testament to the excellent attributes of Henley Industrial Building,” said Galven Tan, Associate Director for Investment Properties at CBRE.
“The price is in line with recent transactions of similar freehold industrial properties, for example, 14 Little Road, November 2012, 3 Playfair Road, December 2012 and 100H Pasir Panjang, April 2013.”
The sale, which is subject to approval by the Strata Titles Board, follows other recent commercial transactions including that of PoMo, Robinson Point, as well as office floors in Springleaf Tower and Samsung Hub.
“The investment sales market recorded a reasonably active first-half this year and we are confident that the momentum will keep pace in the second half,” Tan added.