The sale of a 500,000 sq ft shipyard at 1 Benoi Road has been launched via an expression of interest (EOI) exercise at a guide price of $11.3 million. Located at the junction of Benoi Road and Pioneer Road, within Jurong Industrial Estate, the property is suitable for shipbuilding, ship or vessel repair and maintenance. It features 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.
The location provides excellent access to major expressways and is only a five-minute drive away from Joo Koon MRT Station.
Isabel It, associate division director of Huttons Asia, says the plot is regular in shape with a corner frontage of about 255m on Benoi Road and Pioneer Road and an average plot depth of about 213m. The land is generally at an access-road level with a flat contour and to its east, the land has a roughly 230m frontage along the waterfront.
Lee Sze Teck, senior director of research at Huttons Asia, says the last known sale of a similar plot in Benoi was a 328,105 sq ft plot at 5 Benoi Road in December 2020 at $10.5 million. The nearest shipyard, located at 55 Gul Road, is about a 10-minute drive away from 1 Benoi Road and was acquired by ST Engineering for $95 million in February.
He believes that the property is suitable for companies looking to expand their business, as plots of land of such size meant for vessel building or maintenance usage is rarely available for sale.
The sale, however, is subject to approval from relevant authorities and the EOI exercise for the property will close on April 27 at 3pm.
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For those interestedin the Benoi Road, Jurong Industrial Estate property, recent transactions of industrial property on the same road provide pointers for what to expect.EdgeProp Research tool lists them as examples of comparison.