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AIMS AMP Reit taps Boustead to redevelop Tuas property after fire
INDUSTRIAL landlord AIMS AMP Capital Industrial Reit (AA Reit) will redevelop an industrial property at 8 and 10 Tuas Avenue 20 for about S$27 million, it said in a Singapore Exchange filing Thursday morning.
It said it had accelerated plans to redevelop the property after a "fire incident" that resulted in partial damage, adding that the Reit's insurance "fully covered the loss of income caused by the incident, and the reinstatement of the asset".
The trust manager's chief executive officer Koh Wee Lih said in a statement: "Rather than reinstate the buildings to their original condition where the specifications are customised, we will capitalise on its downtime, and the insurance compensation, to improve the property's specifications for the current market."
The redevelopment will turn two adjoining two-storey detached industrial spaces into an "industrial facility with ramp and cargo lift access, making it suitable for production and warehouse usage".
AA Reit said it expects the redevelopment to be completed in H2 2017 and estimated that the property's value upon completion would be S$32 million. The S$27 million cost for the redevelopment includes land cost, it added.
It said it had appointed Boustead Projects as the "redevelopment design-and-build partner" after a tender process.