Cambridge buying Bt Merah property

CAMBRIDGE Industrial Trust (CIT) will be acquiring a property in the Bukit Merah industrial precinct from Shriro Property (Singapore) for $32 million.

Located at 11 Chang Charn Road, the property is a six-storey warehouse cum light industrial building with a gross floor area of about 9,062 square metres (sqm). The leasehold property has a remaining land tenure of about 43 years. Its current tenants include British shoe manufacturer Clarks, Swiss herb lozenges maker Ricola and business technology consulting firm Info Lab.

CIT Management (CITM), the manager of the trust, said yesterday that the property is a well-located, quality industrial asset that will enhance its overall portfolio and increase its presence in the prime Bukit Merah area. ''It is located near Leng Kee Road - the largest luxury car belt in Singapore - and only 10 minutes away from the central business district,'' a CITM spokesman told BT. ''Rental is relatively low too, compared to rates at the luxury car showrooms.''