Soilbuild Business Space REIT (Soilbuild REIT) has begun searching for a back tenant to occupy 2 Pioneer Sector 1 in case the property goes vacant, according an investors' note from OCBC.

The bank believes that in addition to looking for backup tenants, Soilbuild REIT is also considering to market the asset for sale, or to redevelop it for other activities.

2 Pioneer Sector 1 is currently occupied by NK Ingredients Pte Ltd, a financially distressed company that went into arrears in 2017 over unpaid rent on the property.

Related: Soilbuild REIT to receive SGD100k from distressed tenant in court ruling