PGIM’s real estate business and Asia Pacific real estate investment firm Northstar Capital Logiprop have acquired an industrial property at 51 Tuas View Link for $121.1 million from Urban Park, a unit of Far East Organization.
Situated within Singapore’s core industrial heartland in Tuas, 51 Tuas View Link is a private leasehold, non-JTC industrial site spanning approximately 456,810 sq ft and is zoned Business 2 (B2). The site currently comprises two blocks of single-storey warehouses.
According to PGIM, it will be redeveloped into a five-storey, fully ramp-up, sustainability-aligned prime logistics facility with approximately 1.1 million sq ft of gross floor area. PGIM and Northstar aim to achieve Green Mark Platinum certification.
Bart Coenraads, co-CEO of Northstar Capital, says 51 Tuas View Link offers a combination of scale, connectivity and land tenure that makes it “ideally positioned” to meet the evolving needs of today’s tenants.
Located within the Tuas South precinct, 51 Tuas View Link is near the new Tuas Mega Port and Tuas Biomedical Park. It is also in proximity to the Ayer Rajah and Pan-Island Expressways, as well as the Tuas Checkpoint, offering seamless cross-border linkage to Malaysia.
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Tuas Port was officially opened in September 2022 and is planned to be developed in phases through the 2040s, with Phase 1 targeted to reach 20 million twenty-foot equivalent units (TEUs) annually when fully operationalised in 2027.
Far East Organization bought 51 Tuas View Link as part of a larger, 969,700 sq ft land parcel in a state tender that closed in 1996. Colliers Singapore began marketing 51 Tuas View Link in May 2025 at an indicative guide price of about $138 million. It has a balance lease of 30 years.
The sale followed a “competitive” marketing process that drew interest from “a broad range of investors and end-users”, including funds, developers, owner-occupiers and REITs, says Colliers Singapore’s capital markets and investment services team, which brokered the deal.
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The investment was made on behalf of PGIM’s flagship Asia Pacific value-add real estate strategy. PGIM completed approximately US$3 billion of transactions across sectors in 2025.
David Fassbender, deputy head of Asia Pacific for real estate and senior portfolio manager of Asia-Pacific value-add strategies, PGIM, says: “Amid a rebound in real estate value, persistent supply shortages and growing demand for capital to meet sustainability requirements, value-add opportunities across Asia Pacific offer compelling potential for income growth. Our partnership with Northstar on the redevelopment of 51 Tuas View Link, a rare large prime logistics space in Singapore, underscores our strategy to secure investments with strong fundamentals, drive operational efficiency and create long-term value for investors.”
The sale of 51 Tuas View Link demonstrates that capital continues to seek scale, flexibility and long-term optionality in Singapore’s industrial market, says Tan Boon Leong, industrial sales lead, Colliers Singapore. “Large, private leasehold non-JTC B2 sites are increasingly hard to come by, especially those that offer both immediate warehouse utility and clear headroom for intensification.”
Photo: PGIM
