SINGAPORE (EDGEPROP) - An industrial development at 28 Quality Road has been sold for $49.7 million. The sale is by way of a sale-and-leaseback arrangement and the premises will continue to be occupied by Iron Mountain, a data solutions company. (See also: Tesla leases Toa Payoh industrial building for future showroom)
CBRE Singapore represented the seller, Pteris Global, in the sale of the269,097 sq ft, ‘Business 2’ zoned site. The land was leased from JTC for 30 years from June 2007, with an option to renew the lease for another 30 years.
The development is a purpose-built single-storey production facility that is integrated with a three-storey office development. It has a total gross floor of 225,175 sq ft.
“Demand for logistics assets continue to remain high, with a noticeable upward trend on rents. While biopharmaceutical, logistics and ecommerce were key drivers in Q2 2021, the strong demand for microchips is expected to benefit from the huge increase in Singapore’s manufacturing activity, with further opportunities and growth abound,” says Graeme Bolin, senior director of industrial & logistics, Singapore at CBRE.