It is crucial for international investors to have a clear understanding of the rules and limitations surrounding property ownership in Singapore. While foreign buyers are generally permitted to purchase condominiums with minimal restrictions, the purchase of landed properties is subject to stricter regulations. Additionally, foreign investors must pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their first property purchase. However, despite these added expenses, the consistent stability and promising growth potential of the Singapore real estate market remain a major draw for foreign investment. With the introduction of New Condo Launches, the appeal of Singapore’s property market is only expected to increase.
A portfolio of three industrial properties located in the bustling Tuas South industrial hub is now up for sale through an expression of interest (EOI) exercise for $36 million. The exclusive marketing agent, JLL Singapore, announced on Sept 11 that the sites can be purchased together or individually with a guide price of $12 million each.
Currently serving as warehouses and storage facilities for construction cranes and freight transportation services, these properties have been approved by the URA’s Master Plan 2019 for Business 2 use with a plot ratio of 1.0. With high ceilings, overhead cranes, and spacious open areas for heavy vehicle traffic, these properties are perfect for a wide range of industrial operations.
The properties are strategically located at 9 Tuas South Street 9, 10 Tuas South Street 10, and 11 Tuas South Street 9. The first property situated at 9 Tuas South Street 9 sits on a large land area of over 90,000 sq ft and boasts a gross floor area (GFA) of more than 65,000 sq ft. It features a three-storey detached factory with an ancillary office and a single-storey loading area. This asset has approximately 11 years left on its private leasehold tenure.
Across the street is the 11 Tuas South Street 9 property, which comprises a part 2 and three-storey single-user general industrial detached factory. This site occupies a land area of over 90,000 sq ft and has a built-up area of almost 65,000 sq ft. It also has a remaining private leasehold term of approximately 11 years. Both the 9 Tuas South Street 9 and 11 Tuas South Street 9 sites can be rented out as they are non-JTC properties.
The third property, 10 Tuas South Street 10, is a four-storey factory building, a single-storey factory building, and a temporary ancillary workers’ dormitory that is approved until Dec 14, 2026. This property sits on a land area of 130,000 sq ft and boasts a GFA of 77,000 sq ft. It is currently under a JTC leasehold with approximately 11 years left on its lease term.
According to Tan Boon Leong, Executive Director of Logistics and Industrial at JLL Singapore, these three properties are highly sought-after by end-users seeking space for general Business 2 industries. This is especially evident in the construction industry, which is expected to fuel demand in the location as the Pasir Panjang port relocates to Tuas South. Tan also commented on the growing demand for non-JTC properties over the years, and these three properties in Tuas South are highly attractive due to their prime location, connectivity, and versatility for various business operations.
The EOI exercise will close on Oct 10 at 3pm. Interested parties are encouraged to make their submission before the deadline.