The manager of ESR-REIT has announced on May 27 that its property at 19 Tai Seng Avenue has secured over 63% committed occupancy ahead of completion of asset enhancement initiatives (AEI) works in 3Q2021.
Four new tenants have been secured for the multi-storey industrial property, including anchor tenant XP Power, who will occupy about 25,600 sqft out of the 101,465 sqft that the space offers.
Over 64,800 sqft of the total space has been committed thus far, with another 26% under advanced lease negotiations.
To that end, the manager says it is on track to achieve over 90% committed occupancy ahead of the AEI completion, with its temporary occupation permit (TOP) expected to be received in 3Q2021.
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The AEI for 19 Tai Seng Avenue began in 3Q2020 and aims to transform the property from a general industry building into a high-specification development suited for “high-value tenants in advanced manufacturing sectors”.
The AEI also aims to boost the property’s sustainability through energy saving retrofitting, including water-efficient fixtures, recycling facilities, energy-efficient air-conditioning systems and an intelligent motion sensor lighting control system.
The manager of the REIT will be applying for Green Mark Gold certification of the property upon the completion of the AEI.
Adrian Chui, CEO and executive director of the manager states that the rejuvenation of 19 Tai Seng Avenue has attracted strong interest from tenants and prospects. “To-date, we have committed tenants from the electronics and IT sectors. We are encouraged by the leasing momentum at the property, which reflects the market’s continued demand for quality high-specs industrial space,” he says.
As at 10.26am, ESR-REIT was trading at 39.5 cents, signifying an increase of 1.28% or 0.5 cents higher from last close.
