The Kim Chuan Road/Lane area has not been featured in any Government Land Sales program. The progress has happened in the private sector, as shown by large transactions from corporate developers, confirming its trajectory via Expression of Interest (EOI) and direct purchase rather than a public tender.
Freehold Land Unveiled: ERA’s $43 Million Expression of Interest in 2023
In May 2023, ERA Realty Network put in an Expression of Interest (EOI) for the 15,761 square foot freehold industrial land at 7 Kim Chuan Lane. They were the only ones who could sell it. The suggested price for the commercial property, featuring a plot ratio of 2.5, stands at S$43 million.
The primary feature of ERA’s sales presentation was that the property has temporary license to be converted into a six-story, multi-user food factory with about 39,000 square feet of gross floor area.The site’s popularity among food-related businesses due to its proximity to the Tai Seng MRT and Upper Paya Lebar Road, and notable dining spots like BreadTalk and Charles & Keith.
By dividing the land into smaller portions and assigning separate titles, the property becomes more desirable to food-related businesses that need quick access and adaptable logistics.
Strategic Developments: OneApex’s $17 Million Acquisition in 2021
A detailed examination of the land’s ownership history indicates that in June 2021, Ember Properties, a company of OneApex Limited affiliated with A38 Capital, used an option to buy a freehold industrial property on 7 Kim Chuan Lane for S$17 million.
This sale included about 10,506 sqft of land that was designated for commercial and industrial use. Ember Properties wants to investigate the possibility of converting the building into halal food production units that may be leased or sold, or selling it outright for a profit.
Goodland Group has successfully acquired a property for $9 million at a nearby location.
In November 2024, Goodland Development, a part of the Goodland Group, received an option to buy property at 3 Kim Chuan Lane for S$9 million. The land was 1,448.4 sqm (~15,590 sq ft) and was zoned Business 2, with a plot ratio of 2.5.
Transaction Analysis
Ember Properties/OneApex bought around 10,506 square meters of land at 7 Kim Chuan Lane for S$17 million in 2021. The space is for business and industrial usage.
The large piece of land at 7 Kim Chuan Lane, which is around 15,761 square feet, is currently up for sale via an Expression of Interest. The recommended price is S$43 million in line with the plan to reconstruct the food factory.
In 2024, Goodland Development acquires a similarly sized freehold parcel at 3 Kim Chuan Lane for S$9 million, featuring Business 2 zoning.
Implications and Analysis: The Absence of GLS
These transactions provide a number of critical insights, particularly for analysts, prospective tenants, or investors:
The government did not distribute this property through GLS; rather, it was exclusively managed by the private sector, either through industrial disposal or EOI. This is an uncommon but not unprecedented approach in managing distinctive freehold industrial land parcels.
Freehold status allows investors and individuals for opportunity for long-term advantages that regular GLS leases of 30 to 99 years do not. This provides them greater flexibility in the real estate market.
