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Wartsila Singapore is putting up five Jurong Town Corporation (JTC) industrial properties for sale via an expression of interest (EOI).
In a press release by appointed marketing agent Cushman & Wakefield, it said two of the properties – 11 Pandan Crescent (pictured) and 14 Benoi Crescent – will be sold with leaseback arrangements, while the other three properties at 43, 45 and 47 Gul Drive are offered on an outright sale basis with vacant possession on completion of sale.
11 Pandan Crescent has a land area of around 35,511.5 sq m, while 14 Benoi Crescent has a land area of approximately 9,861.5 sq m. Indicative asking price for the two properties stands at 40 million and 11 million, respectively.
“On a per square foot basis, indicative prices for both properties are well in line with the recent transactions for similar properties with comparable balance land lease tenure, in the respective localities,” said Shaun Poh, executive director of capital markets at Cushman & Wakefield.
“We envisage that the sale & leaseback of 11 Pandan Crescent and 14 Benoi Crescent are likely to attract strong interest from third party facility providers such as Real Estate Investment Trust (REITs) as well qualified developers and fund managers who are looking for high yielding assets with strong tenant brand name and stable income to add to their existing industrial portfolio.”
Meanwhile, the properties at 43, 45 and 47 Gul Drive carry an asking price of $8 million, $6.4 million and $5.7 million respectively, or $230 to $288 per sq ft on existing floor area.
Notably, 43, 45 and 47 Gul Drive are three separate JTC standard semi-detached factories sited on three contiguous land plots.
“These outright sale will be appealing to end-users for their strategic business relocation or expansion plans,” said Poh. “As these factories are sitting on contiguous land plots, subject to relevant authorities’ approval, there is potential to amalgamate the plots for a larger scale business operations.”
Finland-listed Wartsila is a global leader in the advanced technologies and complete lifecycle solutions for the marine and energy markets. Wartsila Singapore was set up in 1982 and currently has over 1,000 employees.
Cushman & Wakefield revealed that Wartsila plans to consolidate all their business operations here into 11 Pandan Crescent and 14 Benoi Crescent.
Prospective buyers under the EOI exercise, which will close on 14 October, can submit their interest for either one or any combination of the properties.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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