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Mapletree Industrial Trust to develop new build-to-suit facility for HP Singapore

Published on Mar 21, 2014 10:27 AM
 

Mapletree Industrial Trust said on Friday it has agreed to develop for Hewlett-Packard Singapore a new build-to-suit facility at its existing Telok Blangah Cluster.

It will then lease the facility to Hewlett-Packard Singapore for an initial period of 10 and a half years, including a rent-free period of six months, the trust said.

Hewlett-Packard Singapore has also agreed to annual rental escalations and an option to renew the lease for two additional five-year terms.

The property has a land lease tenure of 60 years starting from July 2008.

 
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