SINGAPORE - AIMS AMP Capital Industrial REIT (AA Reit) has received the Temporary Occupation Permit (TOP) for its redevelopment at 30 & 32 Tuas West Road, the company announced on Wednesday (Dec 28).
The redevelopment has transformed former two three-storey detached industrial buildings with an under-utilised plot ratio into a five-storey ramp-up warehouse facility with exclusive loading and unloading bays at each level. They are now valued at S$60.7 million, up more than four times from its former value. The redevelopment has also nearly doubled the gross floor area from 159,717 sq ft to 288,663 sq ft of the two sites.
The entire property is pre-leased to logistics company CWT.
The completed development will deliver S$4.15 million in rental income annually in the first year with fixed annual rent escalations over the term of the lease.
"The project is in line with our focus on building long-term relationships with high quality tenants by delivering purpose-built asset solutions to support their unique business needs," said Mr Koh Wee Lih, chief executive officer of AA Reit Management.