Builder Lian Beng Group says subsidiary Lian Beng-Centurion (Mandai) has agreed to acquire a freehold land parcel at Mandai Estate along Woodlands Road for $67 million from Mandai Properties to develop the land into an industrial complex for sale and lease.

The 201,443 sq ft land parcel is located close to Yew Tee MRT station, as well as the Bukit Timah Expressway (BKE) and Kranji Expressway (KJE). It has a plot ratio of 2.5, and a resulting gross floor area of 503,606 sq ft. This works out to an average price of about $133 psf per plot ratio.

Currently vacant, the property has been zoned for industrial use.

Ong Pang Aik, Managing Director of Lian Beng Group, says, “We will invest in industrial property on an opportunistic basis, where it allows us to have better cost management and presents good upside potential. However, this will not distract us from our primary focus and core business which is construction.”

This is the group’s second industrial property in its property portfolio. Late last year, the group acquired a light industrial building at New Industrial Road for $23.6 million.