Tung Lok JV to lease part of Tee Yih Jia Building for $1.2 mil over two years
By Stanislaus Jude Chan
/ The Edge Singapore |
SINGAPORE (Jan 4): T&T Gourmet Cuisine, a joint venture company of Tung Lok Restaurants (2000), has agreed to lease part of Tee Yih Jia Building at 1 Senoko Road in Singapore from Tee Yih Jia Food Manufacturing (TYJ) for a term of two years for estimated rental fees amounting to $1.2 million.
Tung Lok holds 50% of food products manufacturer T&T through wholly-owned subsidiary Tung Lok Millennium. The company’s share of the rental fees will amount to some $0.6 million.
Under the agreement, T&T will lease the first and fifth floors of the building, with an estimated floor area of 25,053 sq ft.
The premise will be used by T&T to operate its business as a food products manufacturer.
As TYJ is a controlling shareholder of Tung Lok with a direct interest of 19.35%, the tenancy agreement constitutes an Interested Person Transaction.
Singapore billionaire businessman Sam Goi Seng Hui is the chairman of TYJ.
Singapore billionaire businessman Sam Goi Seng Hui, chairman of Tee Yih Jia Food Manufacturing (Credit: The Edge Singapore)
This story, written by Stanislaus Jude Chan for The Edge Singapore, first appeared on Jan 4.
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