Pair of Business 2 factories in Tuas for sale at $25 mil
According to CBRE, the brand-new proprietor has the alternative to further use the plot ratio by building up to the highest built-up area of about 221,237 sq ft, greater than increasing the existing flooring area. Graeme Bolin, head of tenant and leasing, industrial and logistics solutions at CBRE Singapore, claims:” [The properties are] 2 strong sites individually. When combined together, they offer an unusual opportunity to take possession of a large commercial land area with considerable untapped gross flooring location and solid current structure specifications plus fit-out.”
The factories sit on a combined plot of 158,005 sq ft that is zoned “Business 2” under the master plan. Both sites have a 30-year leasehold, with 2 Tuas Avenue 2 holding a standing lease of 23 years, and also 4 Avenue Ave 2 holding up a remaining lease of 27 years.
” [The real properties are] especially beneficial for owner-occupiers who need industrial sites with bigger land area and covered stockrooms with good ceiling height, fully equipped with cranes. The long remaining rent period will certainly be a lot more important in the coming years as source for such land-based factories decrease with the growing need for Tuas as the crucial production hub in Singapore,” says Bolin.
A set of adjoining JTC warehouses at 2 & 4 Tuas Avenue 2 have been put up for sale with an indicative cost of $25 million. CBRE is the single promotion broker for the sale of both industrialized properties. The manufacturing facilities will certainly be marketed through confidential negotiation.
The real estates have an overall gross floor surface area of about 91,859 sq ft and also are going to be sold with existing production and manufacturing establishments on the first ground and an ancillary office on the 2nd level. The initial level has a ceiling elevation of 10m– 13m counting on its pitch roofing style. This production space features a largely column-free floor surface design with 12 overhead cranes.
He includes that this sort of manufacturing facility real estate in Tuas with remaining leases of more than 20 years is very tough to come by in the market, featuring straight allotment and also additional markets.
