Shipyard at Benoi Road for sale at $11.3 mil

A site area of over 500,000 sq ft with waterfront access has been launched for sale via an expression of interest exercise at a guide price of $11.3 million. Located at 1 Benoi Road, at the junction of Benoi Road and Pioneer Road, within Jurong Industrial Estate, and approximately 24km from the City Centre, the property is suitable for shipbuilding, ship or vessel repair and maintenance.

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, with an average plot depth of about 213m. The east side of the land has a roughly 230m frontage along the waterfront. β€œThe land is generally at an access-road level with a flat contour,” adds It.

Recent transactions of industrial property on Benoi Road according to EdgeProp Research tool, saw a 328,105 sq ft plot at 5 Benoi Road in December 2020 at $10.5 million.

Lee Sze Teck, Senior Director of Research at Huttons Asia, believes the property is suitable for companies looking to expand their business, as a plot of land of such size meant for vessel building or maintenance usage is rarely available for sale.

He added that within the wider vicinity, 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.

The Expressions of Interest exercise for the property will close on April 27 at 3pm and is subject to approval from relevant authorities.

Huttons Asia sees the sale of the property at 1 Benoi Road as an opportunity for companies looking for an appropriate plot for shipbuilding, ship or vessel repair and maintenance. The property is situated near housing estates, the Ayer Rajah Expressway and Pan-Island Expressway and Joo Koon MRT Station is a five-minute drive away from the property.

With such a unique location, size and affordable guide price, the property is expected to be highly sought after and will set the tone for industrial property transactions in the coming months.