Singapore’s Mapletree Logistics Trust announced on 3 August that it has entered into an agreement with Venus Beauty Pte Ltd to divest 4 Toh Tuck Link for SGD14.5 million (USD10.6 million).
The four-storey warehouse, which is currently 60% occupied following the expiry of a master lease in August 2016, features a gross floor area of 8,641 square metres, and sits on a land site of approximately 5,761 square metres.
Singapore’s industrial space regulatory body, JTC Corporation, has granted in-principle approval for the transaction subject to the parties complying with the stipulated conditions.
“With a current plot ratio of 1.5 as compared to the maximum allowable of 1.6, there is limited scope to increase the gross floor area of the property”, said Mapletree Logistics Trust, in its statement to clarify the divestment.
“In addition, given its relatively small land area, there is limited potential for redevelopment into a modern, ramp-up logistics facility”, the REIT noted.