The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) announced, on March 10, that it expects NTP+, at New Tech Park (NTP), to be opened to the public in the second quarter of 2021.
The news comes as NTP+ has just received its Temporary Occupation Permit (TOP).
NTP+ is a two-storey lifestyle mall that comprises 25 retail and food and beverage (F&B) units on the ground floor and a food court on the second floor.
It is part of the ongoing asset enhancement initiative (AEI) at NTP.
It is located opposite Lorong Chuan MRT station.
As at March 10, some 80.2% of NTP+’s units have been taken up. The food court has also been leased, bringing the total occupancy for NTP+ to 83.4%.
SEE:Sabana REIT's untapped GFA could raise NAV as New Tech Park undergoes AEI
Another 13.5% units are under offer.
Tenants secured include Collins, Wine Connection and Dutch Colony Coffee.
“We are pleased to have reached this milestone for NTP+. The AEI at NTP underscores our focus to rejuvenate and sharpen our portfolio offerings as part of our Refreshed Strategy, by providing a vibrant ‘Work, Learn and Entertainment’ environment for our tenants and the surrounding community. For the REIT, the opening of NTP+ will strengthen NTP’s reputation as a preferred business park address,” says Donald Han, CEO of the manager.
Units in Sabana REIT closed 0.5 cent higher or 1.4% up at 37.5 cents on March 10.
