Singapore property group Far East Organisation has sold warehouses in Tuas to StarNova Capital for S$322m (€215m), making it the city state’s largest private industrial land deal.
The parcel of four warehouses, sited on 2.93m sqft of land in Singapore’s industrial west, is described as having substantial redevelopment potential.
StarNova Capital entered the deal with CWT, a logistics, warehousing and supply chain solutions provider. CWT has a 25% stake in the investment.
StarNOVA capital itself is 47% owned by HPC Reality, a civil engineering and construction business.
StarNova and its joint venture partners plan to redevelop the properties into a multi-storey ramp‑up logistics facility.
The scale of the site, together with its port adjacency and arterial linkages, provides the foundation for a best‑in‑class development aimed at consolidating logistics operations and improving velocity across Singapore and the region, according to Colliers’ capital markets and investment services team, which handled the transaction.
Tan Boon Leong, industrial sales lead, Colliers Singapore, said: “As a premier logistics address in Singapore, 10, 20, 30 and 40 Tuas South Street 1 offers a rare opportunity to reposition the asset into a next‑generation facility, creating a compelling value‑creation pathway for investors and occupiers in Singapore’s most in-demand logistics corridor.”
The latest divestment is the second for Far East Organisation, which sold another industrial asset, also in Tuas, to a PGIM joint venture for S$121.1m in January this year.
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