Hupsteel announced on Dec 5 that is redeveloping the freehold property at 38 Genting Lane for $9.3 million. Through redeveloping the 2,103 sq m site into a new eight-storey industrial building capable of being strata subdivided for multiple users, the group aims to enhance the rental yield and capital value of the property.
According to Hupsteel, renting out the existing industrial property on the site – also an eight-storey building – in its current condition generates “only a meagre return”, as the property was built in 1985. The existing building has a gross floor area of 5,259 sq m.
Under the 2014 Master Plan, the Genting Lane site is zoned ‘Business 1’ with a gross plot ratio of 2.5. Redevelopment is slated for completion two years from the issuance of building authorities’ approval.
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