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JTC in S$46.2 million buyback of Mercedes-Benz’ logistics property in Tuas

by Mark Darwin
in Lifestyle
JTC in S.2 million buyback of Mercedes-Benz’ logistics property in Tuas
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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

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 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.

Tags: BuybackJTCLogisticsMercedesBenzMillionPropertyS46.2Tuas
Mark Darwin

Mark Darwin

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