Wartsila Singapore to sell five industrial properties
By Tan Chee Yuen
/ Cushman & Wakefield |
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Wartsila Singapore has placed five industrial properties located in the western part of Singapore up for sale by expressions of interest. Wartsila is a Finnish corporation that manufactures and services power sources and other equipment in the marine and energy markets.
According to C&W, the appointed marketing agent for the five properties, two of them — 11 Pandan Crescent and 14 Benoi Crescent — will be sold with leaseback arrangements. The indicative asking price for 11 Pandan Crescent is $40 million and that for 14 Benoi Crescent is $11 million.
The remaining three properties are located at 43, 45 and 47 Gul Drive. They are being offered on an outright sale basis with vacant possession to be delivered upon completion of sale. Under the Master Plan 2014, the three sites at Gul Drive are zoned for Business 2 use. The indicative asking price for 43 Gul Drive is $8 million, while those for 45 Gul Drive and 47 Gul Drive are $6.4 million and $5.7 million respectively, which works out to be $230 to $288 psf on existing floor area.
The expressions of interest exercise closes on Oct 14.
11 Pandan Crescent
Source: Wartsila
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