Singapore-listed Industrial REIT Mapletree Industrial Trust (MIT)(SGX:ME8U) celebrated the grand opening of K&S Corporate Headquarters. The event was attended by S. Iswaran, Minister in the Prime Minister’s Office, Second Minister for Home Affairs and Second Minister for Trade and Industry.
|Located at 23A Serangoon North Avenue 5 within the Serangoon North Industrial Estate|
Completed in October 2013, K&S Corporate Headquarters was developed by MIT as a build-to-suit (BTS) project to meet the existing and expansion needs of K&S. The five-storey high-specification industrial building with a net lettable area of 285,500 square feet serves as the new global headquarters for K&S in Singapore. The customised building comprises facilities for manufacturing, research and development and a corporate office. K&S occupies 69% of the net lettable area for a 10-year lease term with the option to renew for two additional 10-year terms.
The grand opening of K&S Corporate Headquarters underscores MIT’s growing focus on offering BTS solutions. Other BTS projects in MIT’s portfolio included a flagship data centre for Tata Communications International Pte. Ltd at Paya Lebar iPark completed in April 2010.
MIT’s portfolio of 83 properties in Singapore is valued at approximately S$2.9 billion as at 31 March 2013 and has a total gross floor area of approximately 19.1 million square feet. MIT has a large and diversified tenant base of more than 2,000 multi-national companies and local enterprises.