ESR-LOGOS REIT’s (E-LOG) build-to-suit redevelopment project at 21B Senoko Loop has attained its temporary occupation permit (TOP), says the REIT manager on Jan 22.
The new development is leased to NTS Singapore, a supplier for complex mechanics and mechatronics, for 15 years on a triple net basis. The lease will have built-in annual rental escalations and NTS will take full responsibility for paying its utilities, maintenance expenses, property tax and land rent.
“We are pleased to announce the completion of our latest redevelopment on budget and on time. This new development has also achieved Green Mark Gold Certification which is a testament to E-LOG’s commitment towards building a green and sustainable portfolio for our stakeholders,” says Adrian Chui, CEO and executive director of the manager.
“The redevelopment signifies not only the transformation of physical infrastructure but also underscores our broader efforts of portfolio rejuvenation... By converting buildings with relatively older and dated specifications into modern, quality high-specifications assets, we aim to offer spaces that are relevant and sought after in today’s dynamic business landscape,” he adds.
Rogier Niessen, managing director of NTS Singapore says the company aims to become “a preferred first tier contract manufacturer of choice for high-mix low-volume business in Singapore” and that the move to the site will allow it to “vertically integrate our assembly and manufacturing process on one location and combine all capabilities and key competencies we have”.
“At the same time, we will be able to draw on more production space and technical expertise, allowing us to scale our business,” he adds.
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Units in E-LOG closed at 32 cents on Jan 19.
