The 2 Jalan Kilang Barat industrial building has drawn market attention after being listed for sale at $50 million, or close to $700 per square foot based on strata area. The listing surfaced in early December 2025 before being quietly taken down days later, adding another layer of intrigue to an already sensitive asset.
Located at the junction of Jalan Bukit Merah and Jalan Kilang, the 2 Jalan Kilang Barat industrial building is a nine-storey property sitting on a 99-year leasehold site dating back to 1963, with approximately 37 years remaining. Despite its ageing lease, the building’s central city-fringe location positions it as a notable industrial asset.
Asset Details of the 2 Jalan Kilang Barat Industrial Building
The 2 Jalan Kilang Barat industrial building occupies a land area of about 32,971 square feet and offers a total strata area of approximately 71,462 square feet. A valuation report from January 2024 reportedly placed the property’s value at $54 million, higher than the indicated asking price.
The building was last transacted in May 2022 when it was sold for $35.3 million, representing a significant premium over its valuation at the time. This sharp uplift highlights how well-located industrial properties have benefited from strong investor demand in recent years, even as lease decay becomes more prominent.
Ownership and Regulatory Context Surrounding 2 Jalan Kilang Barat Industrial Building
Ownership of the 2 Jalan Kilang Barat industrial building traces back to 2JKB Pte Ltd, a company incorporated in Singapore in 2022. The entity has been identified by US authorities as being linked to Cambodian tycoon Chen Zhi, founder of Prince Holding Group.
US sanctions and subsequent investigations have brought heightened scrutiny to entities associated with Chen. Several Singapore-registered companies flagged by US regulators reportedly listed 2 Jalan Kilang Barat as their registered address, placing the property firmly in the spotlight.
Following these developments, Singapore authorities initiated their own investigations, freezing and seizing assets tied to related parties. Financial regulators also withdrew tax incentives previously granted to family office structures linked to the wider group.
Market Implications for the 2 Jalan Kilang Barat Industrial Building
The sudden removal of sale listings shortly after publication suggests uncertainty around the transaction process. For investors, the 2 Jalan Kilang Barat industrial building illustrates how regulatory risk can materially affect liquidity, pricing, and deal certainty, even for centrally located industrial assets.
More broadly, the case highlights the growing importance of enhanced due diligence in Singapore’s industrial property market, especially when assets are linked to politically exposed individuals or entities under international sanctions.
While the fundamentals of the 2 Jalan Kilang Barat industrial building remain anchored by location and scale, its future marketability will likely depend on regulatory clarity. As scrutiny around asset ownership intensifies, industrial properties tied to complex ownership structures may face longer holding periods and narrower buyer pools.
