Wartsila Singapore, which provides services for the marine and energy power plant sectors, was looking to sell five industrial properties in the west. The sites at 11 Pandan Crescent and 14 Benoi Crescent were considered to be sold with leaseback arrangements.
The other three att 43, 45 and 47 Gul Drive were marketed to be outright sales with vacant possession on completion.
The Finland-listed Wartsila is reducing its asset load to focus on core operations, and has also sold assets in Finland. Wartsila Singapore, which was set up here in 1982 and has more than 1,000 employees, plans to lease back the properties at 11 Pandan Crescent and 14 Benoi Crescent and continue to house its staff here.
There was intention to spend about $20 million on 11 Pandan Crescent – which has three factory-cum-workshops, a canteen and a five-storey ancillary office block, and land area of about 35,500 sq m, including 3,110 sq m of waterfront land facing the Pandan River.Wartsila will also spend about $6 million on 14 Benoi Crescent, which has a front-facing three-storey ancillary office block, and a single-storey factory-cum-workshop at the back, with a land area of about 9,860 sq m. The indicative asking prices were $40 million for 11 Pandan Crescent and $11 million for 14 Benoi Crescent.
The two sites could also attract developers and fund managers who are looking for high-yielding assets with (a) strong tenant brand name and stable income to add to their industrial portfolio.
The asking prices were $8 million for 43 Gul Drive, $6.4 million for No. 45 and $5.7 million for No. 47. They range from $230 psf to $288 psf on existing floor areas. The divestment via an expression-of-interest exercise closed at 3pm, on Friday, Oct 14.