Soilbuild REIT's property at Pioneer Sector 1. (Photo: Google Maps)

Soilbuild Business Space REIT (Soilbuild REIT) has received approval from unitholders to appoint an affiliate company in carrying out the redevelopment works on its property at 2 Pioneer Sector 1.

The property was previously occupied by a distressed tenant which ran into rent payment issues since 2017.

Related: Soilbuild REIT takes over Pioneer Sector 1 property from distressed tenant

Initially, Soilbuild REIT indicated that it was searching for a potential tenant that could potentially re-occupy the property.

But the REIT subsequently announced in March 2020 that it is instead redeveloping the property into a 4-storey ramp-up facility, as part of efforts to unlock its value.

Related: Soilbuild REIT aims to triple property value of 2 Pioneer Sector 1 via redevelopment

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.