Next on the trip was the construction site that will be 7002 Ang Mo Kio Avenue 5 when it completes in 3Q2023 with temporary occupation permit expected in July 2023. The current property at 7000 AMK Ave 5 has gross floor area of around one million sq ft. The unused GFA is around 500 sq ft to 600 sq ft. The main tenants currently are AMS with 500,000 sq ft, a data centre occupies 170,000 sq ft and a precision engineering company is the third largest tenant. AMS is intending to renew its lease for five years, with positive rental reversions for the property.
A site visit with representatives from ESR-LOGOS REIT’s manager started with ESR@BizPark Changi. The property is situated at the exit from and entrance to the Expo MRT, an interchange station on the Downtown and East-West lines. Its location, virtually above the MRT station, is in the heart of the Changi Business Park. The property comprises a hotel, convention centre, office space and retail. Following the reopening of Singapore, the hotel has been more or less fully booked, while the office space is around 60% committed and occupied. The anchor tenant is NUTC Fairprice.
E-LOG took advantage of the lockdown during Covid for asset enhancement initiatives which were completed in 2021. Lifts have been modernized. Entry to the office towers are done digitally, and covered walkways to the MRT station have been built.
