A FREEHOLD 'build-to-suit' industrial development near the Central Business District is up for sale.
The four-storey property at 243 Alexandra Road is zoned for Business 1, which means light and clean industry or warehouse uses.
The 14,753 sq ft site has a plot ratio of 2.5, so it could be redeveloped into a six-storey building, said Colliers International, the marketing agent.
The buyer 'could tailor the building features and design to fit his or her business requirements', said Ms Tang Wei Leng, executive director for investment services at Colliers International.
'The buyer could also sub-divide the new development into strata units for sale,' she added.
A build-to-suit development involves customising the property to meet the occupants' needs.
Ms Tang said that while similar build-to-suit industrial spaces are usually in outlying areas like Jurong and Tuas, this site is on the fringe of the CBD.
A 99-year leasehold plot of about 33,000 sq ft at nearby 11 Kung Chong Road sold for more than $20 million earlier this month.
The Alexandra development is leased to a single tenant whose term expires in February. The tender ends on Oct 20.
The building is owned by the Le Mercier family behind the high-end furniture group. The sale announcement comes less than six months after it laid out plans to lease the Alexandra industrial development.
The Le Mercier family has not used the building for its business, preferring instead to lease it out.
The Straits Times understands the family wants to sell the building as it does not want to develop the site.
The Le Mercier family also sold a seven-storey freehold office building at 22 Martin Road in April.
In a separate land offer, a site zoned for office use in Mountbatten Road has been triggered for sale through the Government's reserve list system.
The 15-year leasehold site of 126,354 sq ft has a plot ratio of 1.0 and can be built up to three storeys.
A developer has committed to bid at least $8.2 million, pricing the land at around $65 per square foot per plot ratio.
The site will be launched for public tender in about two weeks.