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The site has a gross floor area of about 225,175 sq ft, and has a JTC lease of 30 years which started in June 2007. Source: Google Maps
Airport facility equipment provider Pteris Global has sold a purpose-built single-storey production cum three-storey office development at 28 Quality Road to LOGOS for $49.7 million, revealed CBRE Singapore, which helped broker the sale.
With a gross floor area of about 225,175 sq ft, the development occupies a 269,097 sq ft site that is zoned for “Business 2” use under the 2019 Master Plan. The site has a JTC lease of 30 years that started in June 2007 and comes with a lease renewal option for another 30 years.
With the sale done by way of a sale-and-leaseback arrangement, the premises will continue to be occupied by records management firm Iron Mountain.
“28 Quality Road presents an exceptional opportunity to LOGOS, offering a leaseback income with a blue-chip occupier and future redevelopment potential,” said Graeme Bolin, Senior Director of Industrial & Logistics, Singapore at CBRE.
“Demand for logistics assets continue to remain high, with a noticeable upward trend on rents. While biopharmaceutical, logistics and ecommerce were key drivers in Q2 2021, the strong demand for microchips is expected to benefit from the huge increase in Singapore’s manufacturing activity, with further opportunities and growth abound,” he added.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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