SINGAPORE - AIMS AMP Capital Industrial Reit (AA Reit) on Thursday (May 17) announced that the redevelopment of its property at 3 Tuas Avenue 2 will cost about $48.2 million and the property's value upon completion is estimated at $51.0 million.
The Reit said that the the design-and-build project, due for completion in the second half of 2019, will transform the site from a purpose-built production and warehouse facility, into a modern and versatile ramp-up industrial facility suitable for both production and storage.
It will also increase the ease of sub-dividing the property for multi-tenancy usage, enhancing the property's flexibility for customisation and leasing.
Gross floor area is expected to increase by 52 per cent to about 24,890 square metres and the plot ratio will increase from the current 0.92 to the maximum of 1.40.
The redevelopment will have minimal impact on AA Reit's revenue, with the property contributing less than 1 per cent of AA Reit's gross rental income in FY2018, said the Reit.