Singapore-listed industrial REIT AIMS AMP Capital Industrial Trust (AIMS AMP REIT) (SGX:O5RU) announced on 11 September that it has received a Temporary Occupation Permit (TOP) for its third and final phase of the development at 20 Gul Way.
The permit, which was granted by the government on 9 September, marks the completion of the property's redevelopment which had been taking place since 2011. The project was completed four months ahead of schedule.
"The target completion date was December 2014", said Koh Wee Lih, CEO for the REIT's manager in relation to the TOP. "But early completion means rental contribution will follow through in December quarter", he added.
The entire property has been pre-leased to CWT Limited, a leading logistics company in Singapore, and deliver SGD22.6 million in rental income annually. Prior to its development, the property was delivering an annual rental income of SGD3.6 million. This represents a more than five fold increase in property income.
Total asset value for the property has also increased to SGD306.4 million from SGD41.8 million prior to development. 20 Gul Way is now AIMS AMP REIT's largest property in its portfolio.
Units of AIMS AMP REIT are currently listed on the Singapore Exchange at SGD1.48.