Pair of Business 2 factories in Tuas for sale at $25 mil
By Timothy Tay
/ EdgeProp Singapore |
According to CBRE, the new owner has the option to further utilise the plot ratio by building up to the maximum built-up area of about 221,237 sq ft, more than doubling the existing floor area.
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A pair of contiguous JTC factories at 2 & 4 Tuas Avenue 2 have been put up for sale with an indicative price of $25 million. CBRE is the sole marketing agent for the sale of both industrial properties. The factories will be sold through private treaty.
The factories sit on a combined 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 remaining lease of 23 years, and 4 Tuas Avenue 2 holding a remaining lease of 27 years.
The properties have a total gross floor area of about 91,859 sq ft and will be sold with existing production and manufacturing facilities on the first floor and an ancillary office on the second floor. The first floor has a ceiling height of 10m–13m depending on its pitch roof design. This production area features a largely column-free floor layout with 12 overhead cranes.
The ground floor production space of the factory. (Picture: CBRE)
According to CBRE, the new owner has the option to further utilise the plot ratio by building up to the maximum built-up area of about 221,237 sq ft, more than doubling the existing floor area. Graeme Bolin, head of occupier and leasing, industrial and logistics services at CBRE Singapore, says: “[The properties are] two strong sites individually. When coupled together, they present a rare opportunity to take possession of a large industrial land area with significant untapped gross floor area and strong current building specifications and fit-out.”
He adds that this type of factory property in Tuas with remaining leases of more than 20 years is very difficult to come by in the market, including direct allocation and secondary markets.
“[The properties are] especially beneficial for owner-occupiers who require industrial sites with larger land area and covered warehouses with good ceiling height, fully equipped with cranes. The long remaining lease tenure will be even more valuable in the coming years as supply for such land-based factories diminish through the growing demand for Tuas as the key manufacturing hub in Singapore,” says Bolin.
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