reporter2
24-03-14, 11:43
http://www.straitstimes.com/archive/tuesday/premium/money/story/two-multi-storey-warehouses-tampines-sale-20140318
Two multi-storey warehouses in Tampines up for sale
Published on Mar 18, 2014
By Rennie Whang
TWO adjacent multi-storey warehouses in Tampines are up for sale with an indicative price of $70 million in total.
The properties, which can be sold jointly or separately, are zoned for Business 2 use, which allows heavy industrial use.
They have a a gross plot ratio of 1.4 and a tenure of 23 years left on their leases. The price works out to about $235 per square foot (psf) of floor area for the warehouses, which have a total site area of 214,880 sq ft.
Marketing agent Colliers International said the expression-of-interest period will end on April 30.
The warehouses are being sold by HC Design, which occupies one of them, a six-storey block at 21 Tampines Street 92. This building includes its design studio, a 20,000 sq ft furniture gallery and three model homes to show customers the design possibilities.
The eight-storey warehouse at 23 Tampines Street 92 is fully leased to anchor tenants Best Denki and self-storage company StorHub.Monthly rents in the locality range from $1.80 to $2.50 per sq ft, depending on the size, floor level and if it has air-conditioning.
It is understood that HC Design may lease part of the 21 Tampines Street 92 building from the buyer or shift to smaller premises.
Mr Tan Boon Leong, executive director (industrial services) at Colliers International, noted that this was the only Government Land Sales site for sale in the immediate vicinity in recent years, with many of the surrounding buildings sitting on Housing Development Board-owned land. "As a GLS site, it's not restricted by HDB regulations. If an owner wishes to subdivide the floor, rent or sell the property, he will not need to get HDB approval."
He added that unlike other industrial properties on GLS sites, which tend to be built and sold on a strata-titled basis, these warehouses are being sold as entire buildings.
"This gives the successful buyer the option to use the buildings for his own occupation, or to lease out part of the buildings."
A 53,820 sq ft light industrial building in the same road was sold in February last year for $26.65 million to Keppel Data Centres Holding, which uses it as a data centre facility.
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Two multi-storey warehouses in Tampines up for sale
Published on Mar 18, 2014
By Rennie Whang
TWO adjacent multi-storey warehouses in Tampines are up for sale with an indicative price of $70 million in total.
The properties, which can be sold jointly or separately, are zoned for Business 2 use, which allows heavy industrial use.
They have a a gross plot ratio of 1.4 and a tenure of 23 years left on their leases. The price works out to about $235 per square foot (psf) of floor area for the warehouses, which have a total site area of 214,880 sq ft.
Marketing agent Colliers International said the expression-of-interest period will end on April 30.
The warehouses are being sold by HC Design, which occupies one of them, a six-storey block at 21 Tampines Street 92. This building includes its design studio, a 20,000 sq ft furniture gallery and three model homes to show customers the design possibilities.
The eight-storey warehouse at 23 Tampines Street 92 is fully leased to anchor tenants Best Denki and self-storage company StorHub.Monthly rents in the locality range from $1.80 to $2.50 per sq ft, depending on the size, floor level and if it has air-conditioning.
It is understood that HC Design may lease part of the 21 Tampines Street 92 building from the buyer or shift to smaller premises.
Mr Tan Boon Leong, executive director (industrial services) at Colliers International, noted that this was the only Government Land Sales site for sale in the immediate vicinity in recent years, with many of the surrounding buildings sitting on Housing Development Board-owned land. "As a GLS site, it's not restricted by HDB regulations. If an owner wishes to subdivide the floor, rent or sell the property, he will not need to get HDB approval."
He added that unlike other industrial properties on GLS sites, which tend to be built and sold on a strata-titled basis, these warehouses are being sold as entire buildings.
"This gives the successful buyer the option to use the buildings for his own occupation, or to lease out part of the buildings."
A 53,820 sq ft light industrial building in the same road was sold in February last year for $26.65 million to Keppel Data Centres Holding, which uses it as a data centre facility.
[email protected]