Singapore-listed industrial REIT, AIMS AMP Capital Industrial REIT, announced on 14 April that it will be carrying out asset enhancement works on its property at 8 & 10 Tuas Avenue 20.
The redevelopment will merge the two adjoining two-storey detached industrial spaces into a single industrial facility with ramp and cargo lift access, and increase gross floor area by around 41,614 square feet or 35%. This will improve the property’s plot ratio from 1.03 to the maximum of 1.4, said the REIT.
The redevelopment, which will cost approximately SGD27 million, is due for completion in the second half of 2017. Plans to redevelop the property have been accelerated following a fire that has partially damaged the property, said the REIT.
“Rather than reinstate the buildings to their original condition where the specifications are customised, we will capitalise on its downtime, and the insurance compensation, to improve the property’s specifications for the current market”, said Koh Wee Lih, CEO of the REIT’s manager.
“This is also timely as the master tenancy expires in mid-2016”, said Koh, adding that demand for industrial spaces in Tuas is expected to increase once Singapore port facilities are shifted nearer to the area.
Units of AIMS AMP Capital Industrial REIT are currently trading flat on the Singapore Exchange at SGD1.35.