Pair of Business 2 factories in Tuas for sale at $25 mil
A pair of nearby JTC factories at 2 & 4 Tuas Avenue 2 have been offered with an indicative rate of $25 million. CBRE is the only marketing broker for the revenue of both industrial real properties. The factories will be offered through private negotiation.
According to CBRE, the new proprietor has the alternative to more make use of the plot ratio by building up to the maximum built-up area of regarding 221,237 sq ft, greater than doubling the existing floor surface space. Graeme Bolin, head of occupier and leasing, industrial and logistics services at CBRE Singapore, states:” [The estates are] 2 strong sites separately. When paired collectively, they provide a rare possibility to take possession of a huge commercial acreage with significant untapped gross floor location along with solid current structure specifications plus fit-out.”
He includes that this type of factory estate in Tuas with remaining leases of more than twenty years is very challenging to come by on the market, featuring straight allocation as well as secondary markets.
The real estates have a total gross floor surface part of around 91,859 sq ft and also will be marketed with presenting production and manufacturing facilities on the first level and an ancillary office on the second level. The initial level has a roof elevation of 10m– 13m counting on its pitch roofing layout. This manufacturing place features a largely column-free floor layout with 12 top cranes.
” [The properties are] especially useful for owner-occupiers that call for commercial locations with bigger land area and covered storage facilities with great roof elevation, fully equipped with cranes. The lengthy standing lease tenure will certainly be even more valuable in the coming years as source for such land-based factories diminish through the increasing need for Tuas as the key production hub in Singapore,” says Bolin.
The manufacturing facilities rest on a consolidated 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 standing lease of 23 years, and also 4 Avenue Ave 2 holding up a standing lease of 27 years.