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KTL Global will acquire the Tuas property with a remaining lease of seven years for $6 million.
KTL Global on Tuesday announced that it has agreed to acquire an industrial property in Tuas for $6 million.
With a remaining lease of seven years, the property is currently being leased by Singapore e-commerce platform EBUY, which distributes fresh produce in Singapore and of which 51% is being acquired by KTL.
Upon completion of the acquisition, KTL intends to submit a request for lease extension to JTC Corporation, amid plans to “invest in new material and storage facilities to manage and distribute a larger volume of fresh produce and consumer goods in Singapore”.
KTL noted that EBUY distributes fresh produce to food service providers, restaurants, retailers and hotels. With its fulfilment centre, the e-commerce platform has built up its “own logistics supply chain network with a fleet of delivery vehicles”.
“The property acquisition will provide a strong foundation to build a highly efficient supply chain for our fresh produce and consumer goods business activities in Singapore,” said KTL Executive Director Chin Teck Oon.
“This will enable us to better serve a larger customer base with a wider range of consumer products that we aim to import, market and distribute in Singapore.”
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg