Shipyard at Benoi Road for sale at $11.3 mil

April 4, 2023 0 Comments

The property at 1 Benoi Road located at the junction of Benoi Road and Pioneer Road in Jurong Industrial Estate, boasting a site area of over 500,000 sq ft with waterfront access, has been launched for sale via and Expression of Interest (EOI) exercise at a guide price of $11.3 million. The property is suitable for shipbuilding, ship or vessel repair and maintenance, and includes a two-storey office block with a single-storey annexe office, three blocks of single-storey workshop, a mould loft building, a fabrication workshop and wharf.

Situated approximately 24km from the City Centre, the property is close to housing estates such as Jurong East, Jurong West, Bukit Batok and Boon Lay Gardens. With the nearby Ayer Rajah Expressway and Pan-Island Expressway facilitating access to other parts of the island, and Joo Koon MRT Station a five-minute drive away, the property enjoys an ideal location.

According to Isabel It, associate division director of Huttons Asia, the plot is regular in shape with a corner frontage of about 255m on Benoi Road and Pioneer Road, with an average plot depth of about 213m. To its east, the land has a roughly 230m frontage along the waterfront, and is generally at an access-road level with a flat contour.

Recent transactions of industrial property on Benoi Road have demonstrated its demand and value, with Lee Sze Teck, senior director of research at Huttons Asia citing a 328,105 sq ft plot at 5 Benoi Road in December 2020 as the most recent sale of similar usage. An existing shipyard with a site area of about 1.5 million sq ft at 55 Gul Road – about a 10-minute drive from 1 Benoi Road – was acquired by ST Engineering for $95 million in February.

Lee believes that the property for sale is an ideal choice for companies looking to expand their business, as the rarity of a plot of land of such size meant for vessel building or maintenance usage is rarely available for sale.

The sale is subject to approval from relevant authorities, with the EOI exercise for the property closing on April 27 at 3pm.