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AIMS AMP Capital Industrial REIT (AA REIT) has secured the Temporary Occupation Permit (TOP) for its redevelopment at 30 & 32 Tuas West Road.
The warehouse property is slated for completion in Q2 2017.
In an SGX filing, the company said it redeveloped two three-storey detached industrial buildings into a five-storey ramp-up warehouse facility that comes with loading and unloading bays at each level.
The redevelopment nearly doubled the buildings’ gross floor area to 288,663 sq ft from 159,717 sq ft while increasing the built plot ratio to 2.07 from 1.15. Its value also increased from S$14.1 million to S$60.7 million.
The entire property is pre-leased to logistic firm CWT Limited.
The completed development will deliver an annual rental income of S$4.15 million in the first year with fixed annual rent escalations over the term of the lease.
AA Reit Management CEO Koh Wee Lih noted that the project is in line with the company’s focus “on building long-term relationships with high-quality tenants by delivering purpose-built asset solutions to support their unique business needs”.
“It also demonstrates the successful execution of our strategy to enhance underperforming assets, unlock inherent value from within our portfolio and delivering stable and sustainable value for our unitholders,” he added.
Image: 30 & 32 Tuas West Road. (Source: AIMS AMP Capital Industrial REIT).
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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