JTC to sell off more industrial properties

JTC Corporation (JTC) will launch a tender on Tuesday to invite potential buyers to submit their business proposals to bid for properties JTC is divesting.

The portfolio of properties will be divided into two tranches comprising flatted factories and amenity centres with a total area of more than 300,000 square metres, located in various parts of Singapore.

The Republic’s main industrial infrastructure developer said in a statement that the sale will be the second phase of its divestment exercise.

The first phase was completed in 2008 when JTC divested a selected portfolio of high-rise ready-built properties to Mapletree Investments.

The tender will close on 1 March at 4pm.

Those short-listed will be invited to participate in a subsequent stage of the divestment exercise.

JTC has appointed DTZ Debenham Tie Leung (SEA) Pte Ltd as the real estate consultant to manage and coordinate the second phase of the divestment exercise.

Mr Ho Tian Lam, CEO of DTZ, said: “It is indeed a rare opportunity that an industrial portfolio of this size is made available for potential buyers. We anticipate that this tender exercise will not only attract local interest but foreign investors too.”

CEO of JTC, Manohar Khiatani, said: “One of the objectives of the divestment exercise is to promote active competition in the industrial property market in Singapore so that tenants will benefit from more options and choices.”

Source : Channel NewsAsia – 10 Jan 2011

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