JTC in S$46.2 million buyback of Mercedes-Benz logistics property in Tuas
The luxe carmaker’s offer to give up the balance lease on site is seen as the result of its opening of a parts logistics centre in Johor
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MERCEDES-BENZ Singapore is selling the balance lease of its property at 301 Jalan Ahmad Ibrahim to JTC Corporation.
JTC is paying S$46.2 million to buy back the balance lease term of 16 years and five months for the 403,401 square foot (sq ft) site, and the two-storey logistics building on it.
The property has significant redevelopment potential. Its existing gross floor area (GFA) is 459,278 sq ft, but can be expanded by 105,483 sq ft; the maximum allowable space is 564,761 sq ft, based on the 1.4 plot ratio for the site, which is zoned as Business 2 under the Urban Redevelopment Authority’s latest Master Plan.
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