The property is currently leased to two tenants for the provision of workers dormitory for a maximum of 64 and 73 workers respectively. Both tenancy agreements are for a duration of two years commencing from Jan 16, 2020, without any option to renew, and may be terminated by the landlord upon 30 days’ notice to the tenant.
Real estate management group LHN is acquiring a property located at 55 Tuas South Avenue 1 for $21 million.
The property, consisting of an 11-storey industrial building, two part single-storey industrial factories, and a two-storey workers' dormitory, has a total gross floor area of 129,138 square feet. It sits on a piece of Urban Redevelopment Authority (URA) land measuring 51,655 square feet with a remaining lease of some 39 years.
