According to CBRE, the new owner has the opportunity to further exploit the site area by building the maximum built-up area of ​​around 20,000 m², more than doubling the existing floor area.

Two adjacent JTC factories at 2 and 4 Tuas Avenue have been put up for sale at a guide price of $25 million. CBRE is the sole selling agent for the sale of both industrial properties. The factories are being sold by way of private treaty.

The factories are located on a 158,005 sq ft site identified as “Business 2” in the master plan. Both sites have a 30-year lease term, with 2 Tuas Avenue 2 having a remaining lease term of 23 years and 4 Tuas Avenue 2 having a remaining lease term of 27 years.

The properties have a total gross floor area of ​​approximately 8,800 m² and are being sold with the existing production and manufacturing facilities on the ground floor and an additional office on the upper floor. The ground floor has a ceiling height of 10-13 m, depending on the pitched roof. This production area has a largely column-free floor plan with 12 bridge cranes.

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The production area on the ground floor of the factory. (Image: CBRE)

According to CBRE, the new owner has the opportunity to further utilise the site area by developing the maximum building area of ​​approximately 221,237 sq ft, more than doubling the existing footprint. Graeme Bolin, head of tenant and leasing and industrial and logistics services at CBRE Singapore, says: “(The properties are) two strong locations in their own right. Taken together, they offer a rare opportunity to take possession of a large industrial site with significant unused gross floor area and strong current building specifications and fit-outs.”

He adds that these types of factory plots in Tuas with remaining lease terms of more than 20 years are very difficult to obtain in the market, even in direct allotment and secondary markets.

“(The properties are) particularly advantageous for owner-occupiers who require industrial sites with larger land area and covered warehouses with good ceiling heights, fully equipped with cranes. The long remaining lease term will become even more valuable in the coming years as the supply of such land-based factories decreases due to growing demand for Tuas as the main manufacturing hub in Singapore,” says Bolin.

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