Far East Organization sells Tuas industrial asset to PGIM JV for S$121.1 million
It will be redeveloped into a five-storey, fully ramp-up prime logistics facility with about 1.1 million sq ft of GFA
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[SINGAPORE] Far East Organization has sold a sizeable industrial property at 51 Tuas View Link for S$121.1 million to a joint venture (JV) between PGIM’s real estate business and Northstar Capital Logiprop.
A caveat was lodged for the transaction earlier this month for the property at 51 Tuas View Link, which has a site area of about 456,810 square feet (sq ft). The site has a 60-year leasehold tenure from July 1996, leaving a balance term of about 30 years.
The S$121.1 million transaction price works out to S$265 per square foot.
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