In 2022, EL Development and Sim Lian Group decided to jointly redevelop their adjacent ageing freehold industrial buildings in Mandai Estate in the northern region. The new, 10-storey, freehold, ramp-up food factory — Food Vision @ Mandai — has 115 strata-titled units for sale.
Since its launch in late 2022, about 40% of the units at Food Vision @ Mandai have been sold. Based on caveats lodged, units of around 1,722 sq ft each were sold at an average of $1,434 psf. The project is targeted for completion next year.
According to EL Development’s Lim, most of the buyers were end-users looking for a central kitchen or food-processing space. More investors have been eyeing food factories, switching from residential properties since the property cooling measures of April 2023, when additional buyer’s stamp duty for foreigners and corporate entities were increased.
Another developer who is also a first-mover in the food factory space is Soilbuild Group Holdings. Its first multi-user food factory was Senoko Food Connection at Senoko Crescent, off Admiralty Road West in Sembawang. Completed in 2006, Senoko Food Connection has 15 strata terraced factory units with a 99-year lease from 1971. All the units were snapped up within a few months of its launch in early 2007. The latest transaction was the resale of a 21,022 sq ft, strata terraced unit that fetched $3.04 million ($145 psf) in February 2023.
