Pair of Business 2 factories in Tuas for sale at $25 mil
According to CBRE, the new property owner has the alternative to more use the plot ratio by building up to the maximum built-up area of concerning 221,237 sq ft, greater than increasing the existing flooring space. Graeme Bolin, head of occupant and leasing, industrial and logistics solutions at CBRE Singapore, states:” [The estates are] two strong locations separately. When paired together, they provide an unusual opportunity to acquire a big industrial land area with significant untapped gross flooring location and strong present structure requirements including fit-out.”
A pair of nearby JTC manufacturing facilities at 2 & 4 Tuas Avenue 2 have been offered with an indicative rate of $25 million. CBRE is the single marketing broker for the revenue of both industrial real properties. The manufacturing facilities will certainly be marketed through confidential arrangement.
” [The properties are] especially beneficial for owner-occupiers that need commercial sites with bigger land area and also covered storage facilities with good ceiling height, totally installed with cranes. The long remaining lease contract term will be even more valuable in the coming years as source for such land-based factories diminish through the growing need for Tuas as the crucial production hub in Singapore,” states Bolin.
He includes that this type of manufacturing facility property in Tuas with standing rent out of greater than 20 years is very challenging to come by in the marketplace, including direct allotment and secondary markets.
The residential properties have an overall gross floor surface area of around 91,859 sq ft and will be sold with existing production and manufacturing facilities on the first ground and an ancillary office on the 2nd floor. The very first floor has a ceiling height of 10m– 13m counting on its pitch roofing style. This production area includes a largely column-free floor design with 12 overhead cranes.
The factories sit on a consolidated plot of 158,005 sq ft which is zoned “Business 2” under the master plan. Both sites have a 30-year leasehold, with 2 Tuas Avenue 2 holding a continuing lease of 23 years, and 4 Avenue Ave 2 holding up a standing lease of 27 years.
