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Cambridge buying Bt Merah property
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CAMBRIDGE Industrial Trust (CIT) will be acquiring a property in the Bukit Merah industrial precinct from Shriro Property (Singapore) for $32 million.
Located at 11 Chang Charn Road, the property is a six-storey warehouse cum light industrial building with a gross floor area of about 9,062 square metres (sqm). The leasehold property has a remaining land tenure of about 43 years. Its current tenants include British shoe manufacturer Clarks, Swiss herb lozenges maker Ricola and business technology consulting firm Info Lab.
CIT Management (CITM), the manager of the trust, said yesterday that the property is a well-located, quality industrial asset that will enhance its overall portfolio and increase its presence in the prime Bukit Merah area. ''It is located near Leng Kee Road - the largest luxury car belt in Singapore - and only 10 minutes away from the central business district,'' a CITM spokesman told BT. ''Rental is relatively low too, compared to rates at the luxury car showrooms.''
CITM's CEO Chris Calvert said there was potential for both rental and capital upside through the renewal and remixing of tenancies over the next one to two years.
CIMB Securities analyst Ti Wee Pang said: ''With an initial yield of 4.5 per cent at 75 per cent occupancy, CIT could potentially raise the level of return from this property through increasing occupancy and reverting passing rent from the current approximately $2 psf per month to the surrounding properties' passing rent of about $2.5 psf per month.''
''Through these activities, we believe the yield of this property could potentially be brought to 7-7.5 per cent,'' he added.
The acquisition is expected to be completed in the first quarter of next year. Earlier this year, CIT completed three acquisitions of industrial buildings at Tuas South Avenue 4, Serangoon North Avenue 4 and Jurong Port Road. In July, it announced the proposed acquisition of 30 Teban Gardens Crescent for $41 million.
As at Sept 30, CIT had 48 properties valued at $1.2 billion.
The counter closed unchanged at 68 cents yesterday.
Source: Business Times 24th December 2013
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Shirro Property Singapore
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