Far East Organization sells Tuas warehouses for $322 mil in record logistics deal
The warehouses, located on Tuas South Street 1, are being sold by Far East Organization to StarNova Capital. (Photo: Colliers)
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Far East Organization is selling four single-storey warehouses at 10, 20, 30 and 40 Tuas South Street 1 for $322 million. It is Singapore’s largest private industrial land deal, says Colliers, which brokered the deal.
The warehouses are being sold to StarNova Capital, a joint venture company controlled by HPC Realty, a subsidiary of HPC Holdings, a Hong Kong-listed, Singapore-headquartered engineering and construction firm.
HPC Realty holds a 47% stake in StarNova. Other shareholders include logistics services provider CWT (25%), Lexing (23%), and O2 Realty (5%).
The total site spans approximately 1.17 million sq ft, with a maximum gross floor area of around 2.93 million sq ft. Zoned for Business 2 use with a plot ratio of 2.5, the warehouses have 30 years left on their 60-year lease that commenced from 1996.
Situated in the Tuas district, the plot is close to Tuas Biomedical Park and the upcoming Tuas Mega Port.
According to Colliers, the buyers intend to redevelop the property into a modern, multi-storey, ramp-up logistics facility.
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