Aspiring foreign investors must familiarize themselves with the rules and limitations surrounding property ownership in Singapore. Unlike landed properties, purchasing condos is generally less restrictive for foreigners. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their initial property acquisition. Despite the added expenses, the steady growth and potential of the Singapore real estate market continue to entice foreign investments. In addition to this, the recent New Condo Launches have also piqued the interest of foreign buyers in the country.
A rare opportunity has arisen for investors with the listing of a three-storey terrace factory in Midview City for sale. The property is currently being marketed exclusively by Colliers International with a guide price of $6.2 million or $688 per square foot.
This well-positioned property boasts a basement and roof terrace and is situated along Sin Ming Lane in the heart of Sin Ming Industrial Estate. Spanning over a total strata area of approximately 9,009 square feet, it is a “Business 1” site under the URA Masterplan 2019.
According to Colliers International, the property is fully leased and has been approved for use as a childcare centre. Star Learner preschool and childcare centre is the current tenant of this 60-year leasehold property.
Midview City, completed in 2012, is a 60-year leasehold light industrial building in a prime location. With Bright Hill MRT Station on the Thomson-East Coast Line within walking distance, it offers great accessibility. The property can also be easily accessed from the Bishan and Upper Thomson residential areas, with two entrances via Sin Ming Lane and Bright Hill Drive.
According to Raphael Lee, director of industrial services at Colliers, the property presents a unique opportunity for investors as it will be sold with the existing preschool operator in place.
Furthermore, being a Business 1 light-industrial property, it is not subject to Additional Buyer’s Stamp Duty (ABSD), making it available for purchase by foreigners. The expression of interest (EOI) process will close on April 29th at 3pm.
For more information on trends and listings for industrial properties, take a look at EdgeProp Landlens.