Space@Tampines launched for sale with guide price of S$170m to S$190m

Space@Tampines, a joint development by mainboard-listed Oxley Holdings and Lian Beng Group, has been launched for sale via an expression of interest exercise with a guide price ranging from S$170 million to S$190 million, marketing agent CBRE said on Tuesday.

Located at 18 Tampines Industrial Crescent, the seven-storey e-commerce and logistics development comprises 24 showroom units, a food court on the ground level, and 59 units from levels two to seven that are suitable for warehousing and businesses in e-commerce, as well as clean and light industries, CBRE noted.

The development sits on a 417,645 square foot site, and offers a total gross floor area of about 709,263 square feet. It is also zoned for Business-2 development, or heavier industrial use.

Situated at the junction of Tampines Expressway and Tampines Avenue 10, Space@Tampines is within walking distance to Ikea Tampines and Giant Hypermarket, and is a short drive from Tampines regional centre and Pasir Ris town.

Said Rimon Ambarchi, executive director of industrial and logistics services at CBRE: “This is a secure and high yielding investment opportunity for investors. The property is strategically sited in the centre of five major residential estates (Hougang, Pasir Ris, Punggol, Sengkang and Tampines), boasting a population of more than 1.1 million.

“This catchment, along with Singapore’s continued e-commerce boom which is set to grow 2.8 times in the next five years, will amplify Space@Tampines’ position as an ideal last mile solution. The location is also expected to receive a boost from the draft Master Plan 2019, which has identified the relocation of the Paya Lebar Air Base, progressively transforming the area into a highly livable and sustainable new town.”

The expression of interest for Space@Tampines will close at 12pm on Aug 30.

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