Systems integration, precision engineering and scaffolding company Nordic Group announced on Jan 5 that it is acquiring a property in Tuas for $6.2 million, excluding GST.

Located at Tuas Avenue 10, the property comprises all buildings on the land, the plant, and on-site equipment.

The property has a 30+30 years (30 years with the option to renew for another 30 years) tenure from December 1989. JTC has granted the second option term or a 30 year renewal of the lease, which will begin in December 2019.

Nordic says the acquisition is a “strategic move”, as the property is located in proximity to the premises of recently bought subsidiary, Ensure Engineering, which is also located along Tuas Avenue 10.