SINGAPORE - Precision engineering and systems integration solutions provider, Nordic Group, has signed an option to purchase an industrial property in Tuas at a consideration of S$6.2 million from Microdyn-Nadir Singapore.

The property occupies an area of 5,677.90 sq m and comprises all buildings and plant and equipment on the plot of land in Tuas Avenue, Nordic Group said after Friday (Jan 5) noon.

The lease period is 30 years from Dec 16, 1989, plus an option for another 30 years.

The second option term has been granted by Jurong Town Corporation and runs from Dec 16, 2019.

Nordic said: "The property is directly opposite the newly acquired subsidiary Ensure Engineering Pte Ltd and this will enable the company to consolidate three of the subsidiaries together under one roof."

The group expects to tap bank loans to fund the property purchase.