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AA Reit obtains TOP for property redevelopment in Tuas
AIMS AMP Capital Industrial Reit has received the Temporary Occupation Permit (TOP) for a redevelopment at 8 and 10 Tuas Avenue 20.
With the redevelopment, the two land parcels have been amalgamated and will now be known as 8 Tuas Ave 20, said the Reit manager AIMS AMP Capital Industrial Reit Management on Thursday.
Under the redevelopment works, two adjoining two-story detached industrial spaces were transformed into a three-storey contemporary industrial facility suitable for production and warehouse usage.
This increased the property's gross floor area by 35.2 per cent to 158,853 square feet; the property is now valued by CBRE at S$24.1 million as at Aug 29.
The manager's CEO, Koh Wee Lih, said that the redevelopment is in line with its strategy of unlocking further value in its existing portfolio. "This is our first speculative development and we will make the appropriate announcement once we have secured a tenant," he added.