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AA Reit receives TOP for purpose-built greenfield development in Marsiling
AIMS AMP Capital Industrial Reit (AA Reit) has received the temporary occupation permit (TOP) for its first third-party greenfield development at 51 Marsiling Road.
In an exchange filing on Monday, its manager AIMS AMP Capital Industrial Reit Management Ltd said that the building will be fully leased to manufacturer Beyonics International Pte Ltd for 10 years, with rent escalations. Beyonics will use the premises as its new global headquarters.
This will provide an estimated property income of S$3.5 million in the first year, after the fitting-out period. Rental income is expected to start in the first quarter of the 2019 financial year.
The five-storey purpose-built industrial facility is valued at S$43 million, with a gross floor area of about 231,738 sq feet.
The project highlights the Reit's strong development capabilities and builds on its successful track record with four prior redevelopment projects, said the Reit manager's chief executive Koh Wee Lih.