Sabana REIT expects to open NTP+, the mall at its flagship property New Tech Park (NTP), to the public in 2Q 2021.
This came after the development received its temporary occupation permit (TOP).
NTP+ is a two-storey lifestyle mall spanning approximately 43,000 square feet of gross floor area, comprising 25 retail and F&B units on the ground floor, and a food court on the second level. I
It is part of the ongoing asset enhancement initiative at NTP.
Located opposite Lorong Chuan MRT station, the mall serves NTP’s office population, as well as the neighbouring residential community and schools.
Despite the pandemic, NTP+ has been well received by tenants, which saw strong take-up since marketing commenced in 1Q 2020, said Sabana REIT.
As at 10 March 2021, approximately 80.2% of units on level 1 have been taken up, while the food court on the 2nd floor has been leased.
This brings total occupancy for the entire NTP+ to 83.4% currently, with another 13.5% of units are under offer.
Two thirds of the tenants are F&B tenants, and these include Collins, Wine Connection, Dutch Colony Coffee, Saveur Thai and D’Penyetz.
Ace Signature, a new full range supermarket specialising in international produce, will be making its Singapore debut at NTP+.
Many of the tenants at NTP+ are new to the market and run by large and experienced operators – hence presenting a differentiated mall positioning, Sabana REIT posited.
The mall also offers a spacious unique upper floor landscape deck of over 10,000 square feet for tenants.
“The AEI at NTP underscores our focus to rejuvenate and sharpen our portfolio offerings as part of our refreshed strategy, by providing a vibrant ‘work, learn and entertainment’ environment for our tenants and the surrounding community”, said Donald Han, CEO of the REIT’s manager.
“For the REIT, the opening of NTP+ will strengthen NTP’s reputation as a preferred business park address”, he added.
Sabana REIT was last done on the SGX at SGD0.375, which implies a distribution yield of 2.51% according to data compiled on the Singapore REITs table.