Pair of Business 2 factories in Tuas for sale at $25 mil
The properties have an overall gross floor surface area of around 91,859 sq ft also will be sold with presenting production and manufacturing facilities on the first ground and an ancillary office on the second floor. The very first floor has a ceiling elevation of 10m– 13m counting on its pitch roofing design. This manufacturing place features a largely column-free floor surface design with 12 overhead cranes.
A pair of contiguous JTC manufacturing facilities at 2 & 4 Tuas Avenue 2 have actually been put up for sale with an indicative price of $25 million. CBRE is the only advertising representative for the sale of both industrial properties. The factories will be sold via confidential treaty.
The manufacturing facilities sit on a combined plot of 158,005 sq ft which is zoned “Business 2” under the master plan. Both locations have a 30-year leasehold, with 2 Tuas Avenue 2 holding a remaining lease of 23 years, and 4 Avenue Ave 2 holding up a remaining lease of 27 years.
According to CBRE, the brand-new owner has the alternative to further make use of the plot ratio by building up to the maximum built-up area of about 221,237 sq ft, more than doubling the existing floor surface area. Graeme Bolin, head of occupant and leasing, industrial and logistics solutions at CBRE Singapore, states:” [The properties are] 2 strong locations individually. When paired collectively, they present an uncommon possibility to acquire a huge commercial acreage with considerable untapped gross flooring area along with strong present structure requirements and fit-out.”
He adds that this kind of factory property in Tuas with standing rent out of greater than twenty years is extremely challenging to come by in the market, including straight allotment as well as additional markets.
” [The properties are] especially beneficial for owner-occupiers that need industrial locations with bigger acreage and covered storage facilities with good ceiling height, completely furnished with cranes. The lengthy remaining rent period will certainly be a lot more valuable in the coming years as supply for such land-based factories lessen with the growing need for Tuas as the vital production center in Singapore,” states Bolin.