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.
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.
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