Aedge Group, an engineering company listed on Catalist announced it had completed the acquisition of 9 Tuas South Street 11 , a property with a remaining lease of 21 years and 5 months. It has a land area of 7,432.1 sq m for $9 million. The company plans to use the property as as additional warehouse space to support the growth of the Group’s Engineering business as well as to re-purpose part of the building to include a 306-bed secondary workers’ dormitory subject to obtaining all relevant government authorities’ approvals.
The company says the planned workers’ dormitory will adhere to the newest guidelines set forth by the government. “There is currently a short supply of foreign workers’ dormitories in Singapore, especially dormitories that are compliant with the newest guidelines set forth by the government. Having a foreign workers’ dormitory will alleviate our own bottleneck in our growth as we would then be able to accord the right living conditions for the foreign workers we bring in,” said Poh Soon Keng, Executive Chairman and CEO of Aedge Group.
In FY2023 for the 12 months to June 30, Aedge Group announced a net loss of $2.24 million.
