MLT to sell Toh Tuck warehouse for S$14.5m to Venus Beauty

INDUSTRIAL property owner Mapletree Logistics Trust (MLT) on Thursday said it plans to sell its 4 Toh Tuck Link warehouse for S$14.51 million.

The property has a gross floor area of 8,641 sq m on a land site of approximately 5,761 sq m. It is currently 60 per cent occupied following the expiry of a master lease in August 2016.

With a current plot ratio of 1.5 as compared to the maximum allowable of 1.6, there is limited scope to increase the gross floor area of the property, the manager of MLT said. "In addition, given its relatively small land area, there is limited potential for redevelopment into a modern, ramp-up logistics facility."

The buyer is personal and household products firm Venus Beauty Pte Ltd.

The property was acquired in 2006 for S$11 million and valued at S$14 million as at end-March. Any divestment gains will be distributed to unitholders, after relevant costs and expenses are taken into account. Capital released may be used to fund committed investments or reduce debt.

The proposed divestment is expected to be completed by September.

MLT last traded flat at S$1.195.