TEE Building in Bukit Batok for sale for $20 million.

A industrial building located at 25 Bukit Batok Street is open for auction by an expression of interest (EOI). The property is offered at a guide value of around $20 million which is roughly $715 per square foot on the land. Knight Frank is the sole marketing agent for this deal. The EOI expires on October 29.
The site, which covers 27,977 square feet, has been designated Business 1 with a gross plot ratio of 2.5 according to the master plan for 2019. Plan. The land is on a 30 year leasehold that was signed on May 1st 1992. The property is leased for less one year left in the lease.
The building is the main office of listed on the mainboard engineering firm TEE International. The company is the owner of the property. It is comprised of a 6-storey detached factory structure with an adjoining office space. It is a total gross floor space of 55,564 square feet. The space and the building could be used as an industrial warehouse, a production area , or as an office.
According to the Knight Frank’s sale listing this development is sold along with an existing or partially leased tenancy as well as the purchase will take place in the “as is” basis.
Tricia Tan, associate director of Knight Frank’s auction department, states that the property has the option of renewing the lease for further 30 years subject to approval by JTC, the landlessor. JTC.
“We have learned from the current owner, that the right to opt for another 30 years is available provided that there are no violations or non-observances of the legally binding terms between JTC and the current owner. JTC. We also know from the owner who is currently in charge that the requirements for investment were met,” she adds.
On Sept. 10, TEE International announced that DBS Bank would be exercising its rights to acquire possession of a mortgaged home located at 33 Changi North Crescent, a Business 2 industrial building owned by TEE International. According to reports, it’s related to the banking services offered by DBS in connection with TEE International.
In 2019. the company was the subject of a regulatory probe for illegal transactions that totalled $6.55 million that were linked to the then managing director and CEO Phua Chian Kin. Kin was exiled from his posts in March of last year after he admitted to using the company’s funds to pay off personal debts as well as satisfy call-to-margin.
The company’s headquarters is an opening for industrialists to buy the property near industrial and manufacturing zones, says Tan. The property also has efficient office space to meet the business requirements. The property is likely to attract owners as well as investors seeking to profit from the growing demand for industrial space in B1, she adds.
“Demand for industrial space has been steady throughout 2021 and industrialists are looking to acquire new properties. The current pandemic has heightened the demand for advanced technologies like 5G, artificial intelligence , and the Internet of things. In accordance with URA guidelines on allowable use this type of business can only operate in B1 industrial buildings or business parks that are classified as being used for light industrial purposes,” she explains.
Tan states that the property could draw owner-occupiers and investors seeking to profit from the rising demand for industrial space in the B1 sector. Owner-occupiers may be either from IT or e-commerce , or media production industries. She declares: “These businesses require large spaces for their operations as well as specialized equipment and technology. The building could also serve as a showroom for corporate events.”
The property is situated within a neighborhood of factory units as well as HDB estates. The industrial estate is comprised of low-rise industrial buildings as well as terrace workshops . It is just 11 minutes away by bus to Jurong East MRT Station, that is located on either the North-South or East-West Lines. Nearby commercial and amenities are West Mall, Bukit Batok Town Centre, IMM, Westgate, Jem and Jurong East Town Centre.

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