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In an SGX filing, the REIT’s manager, ESR Funds Management (S) Limited, revealed that four new tenants have been secured for the seven-storey industrial property.
ESR-REIT’s property at 19 Tai Seng Avenue has secured over 63% committed occupancy ahead of the completion of asset enhancement initiatives (AEI) in the third quarter of 2021. The property’s Temporary Occupation Permit (TOP) is expected to be received in Q3 2021.
In an SGX filing, the REIT’s manager, ESR Funds Management (S) Limited, revealed that four new tenants have been secured for the seven-storey industrial property, including anchor tenant XP Power Limited which will occupy around 25,600 sq ft.
It noted that over 64,800 sq ft have been committed, while another 26% are under advanced lease negotiations. The property has a net leasable area of about 101,465 sq ft.
With this, the manager said it is “on track to achieve over 90% committed occupancy for the property” ahead of the AEI completion.
The AEI works for 19 Tai Seng Avenue started in Q3 2020, with the aim of transforming the property “from a general industrial building into a modern high-specification development suitable for high-value tenants in the advanced manufacturing sectors”.
Specifically, the AEI will include energy-saving retrofitting works such as recycling facilities, water-efficient fixtures, intelligent motion sensor lighting control system and energy-efficient air-conditioning system.
Upon completion of the AEI, the manager will apply for Green Mark Gold certification of the property.
“Driven in part by demand from the manufacturing sector, the rejuvenation of 19 Tai Seng Avenue has attracted strong interest from tenants and prospects,” said Adrian Chui, Chief Executive Officer and Executive Director of ESR Funds Management (S) Limited.
“To date, we have committed tenants from the electronics and IT sectors. We are encouraged by the leasing momentum at the property, which reflects the market’s continued demand for quality high-specs industrial space.”
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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