On Aug 31, AIMS AMP Capital Industrial REIT Management Limited (AA REIT Management), as manager of AIMS AMP Capital Industrial REIT (AA REIT), announced that the Temporary Occupation Permit (TOP) for its redevelopment at 8 & 10 Tuas Avenue 20 was issued on Aug 29.
With the redevelopment, the land parcels at 8 & 10 Tuas Avenue 20 are amalgamated and will now be known as 8 Tuas Avenue 20.
The redevelopment transformed two adjoining two-storey detached industrial spaces into a three-storey industrial facility, suitable for production and warehouse usage. According to AA REIT, the property has 12 loading and unloading bays with dock levellers, direct vehicular access to the second storey via a ramp, and cargo lift access to the third storey.
Credit: AIMS AMP Capital
AA REIT also said it has increased the gross floor area by 35.2%, from 117,521 sq ft to 158,853 sq ft, subject to final survey. It says the property is valued at $24.1 million, based on a CBRE valuation dated Aug 29 2017.
The property is located near the junction of Pioneer Road, and a short drive to Tuas Checkpoint. It is walking distance to the new Tuas West Road MRT station, operational since June 2017. AA REIT also commented that development of the Tuas mega port will improve infrastructure and connectivity in the area.
“The redevelopment plan was accelerated due to a fire incident, which partially damaged the old property. This is our first speculative development”, says Koh Wee Lih, AA REIT Management, chief executive officer.