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Hersing Corp puts two industrial properties in Tampines valued at $68 mil up for sale

/ EdgeProp Singapore |

August 30, 2022 9:52 PM SGT

The property at 21 Tampines Street 92 (Picture: CBRE)

SINGAPORE (EDGEPROP) - Two adjoining B2 industrial sites at 21 and 23 Tampines Street 92 are up for sale, according to marketing agent CBRE. The sites are owned by brand manager and service provider Hersing Corp.

The total land area for both sites measures 214,880 sq ft. The land has a tenure of 30 years with effect from July 9, 2007, and a plot ratio of 1.4.

Hersing Corp has not disclosed a guide price, though CBRE shares that the properties at 21 and 23 Tampines Street 92 are valued at $39 million and $29 million, respectively.

The site at 21 Tampines Street 92 has a six-storey multi-user food factory with a gross floor area (GFA) of 165,462 sq ft. It comprises four floors of food factories and two floors for ancillary usage. The property is served by two passenger lifts and two 2-tonne cargo lifts, with 19 car parking and 15 lorry parking lots. Level 6 offers office and showroom space.

Map and overview of the property at 21 Tampines Street 92 - EDGEPROP SINGAPORE

Map and overview of the property at 21 Tampines Street 92 (Source:EdgeProp LandLens)

The property at 23 Tampines Street 92 is an eight-storey industrial building with a GFA of 132,836 sq ft. The building has four floors of warehouses, three floors of car parking and one floor for ancillary usage. The property is similarly served by two passenger lifts and two cargo lifts with access to all levels. There are 282 car parking and 19 lorry parking lots.

Hersing 23 Tampines Street 92 - EDGEPROP SINGAPORE

The property at 23 Tampines Street 92 (Picture: CBRE)

Graeme Bolin, CBRE’s head of occupier and leasing, industrial and logistics services, notes that the properties are ideal for food facility users seeking to build a presence in the eastern part of Singapore.

“The properties will be particularly attractive to investors and owner-occupiers alike for its proximity to Changi Airport and major town centres like Tampines, Bedok and Pasir Ris, which will offer immediate access to a pool of workers, as well as end-users such as restaurants, airline catering, food distribution and logistics in the vicinity,” he says.

Harry Chua, chairman of Hersing Corp, notes that restaurant operators are looking for ways to meet rising consumer demand. “As such, high-quality central kitchens located in strategic locations such as Tampines will provide them with an opportunity to function out of an integrated space to meet the demand, without extensively expanding their restaurant real estate,” he says.

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