Two adjacent multi-storey warehouses in Tampines for sale

By Tan Chee Yuen / Cushman & Wakefield, The Edge Property | October 28, 2015 5:20 PM SGT
Two adjacent multi-storey warehouses at 21 and 23 Tampines Street 92 have been put up for sale via Expression of Interest at a combined indicative price of $70 million. The properties can be sold jointly or separately.
21 Tampines Street 92 (T21) is a 6-storey warehouse that sits on a land area of 119,091 sq ft with a gross floor area of 164,967 sq ft, while 23 Tampines Street 92 (T23) is a 8-storey warehouse that sits on land area of 95,788 sq ft with gross floor area of 132,835 sq ft.
Both of the properties are zoned for “Business 2” usage with a balance lease of 22 years. T21 is currently owner-occupied as furniture showroom and warehouse while T23 is leased to StoreHub and Best Denki. The warehouses are on private land title and not subject to rules and regulations similar to those imposed by JTC or HDB.
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Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says, “T21 would be ideal for end users like e-commerce and logistics companies who aspire to operate from their own buildings with good corporate image given the modern building architecture. T23 is currently enjoying good rental from two reputable tenants that would appeal to investors including REITs.”
“The warehouse sector is still very strong with occupancy and rents continuing on an upward trend in 3Q2015. Most of the new warehouse supply is concentrated in the West region with only 15% in the East region. Singapore’s increasing importance as a regional logistics hub and the rapid growth of air freight due to consumers’ growing preference for express delivery will support sustainable demand for warehouses in the East region in the long term.”, adds Poh.
The expression of interest exercise will close on December 4, 2015 at 3pm. Cushman & Wakefield is the exclusive marketing agent.