SINGAPORE - The newly Catalist-listed LHN announced on Friday its unit LHN Space Resources entered a seven-year master lease agreement with Oxley Bliss, for 18 Tampines Industrial Crescent, with an option to renew the lease for another seven years.
The project in Tampines consists of a three-storey and a seven-story ramp-up building, and is expected to get its temporary occupation permit in late May or early June this year.
It has been classified as a B2 Clean Industrial property, so its good for multiple industrial uses such as a factory, warehouse, storage facility, ancillary office and showroom.
The property has a permissible net lettable area of more than 440,000 sq ft and sits at the intersection of Tampines Expressway and Tampines Avenue 10 opposite Ikea, Courts Megastore and Giant Hypermart.
It is easily accessible and close to the logistics hubs of Changi, Loyang, Tampines and Seletar Industrial Estates, good for companies that require such services.
LHN's master lease covers the second and third floors of the three-storey block and floors two to seven of the seven-storey block.
With the new master lease, the group has already started to deliver on one of its initial public offering promises - to grow its portfolio across its commercial, industrial and residential property segments in Singapore.
Mr Kelvin Lim, LNH's group managing director, said: "We are very pleased to make this announcement just five days after listing.
""The group expects the rental rates for 18 Tampines Industrial Crescent to remain stable despite the steady increase of industrial rents elsewhere in Singapore over the years."