SINGAPORE: Mainboard-listed AIMS AMP Capital Industrial Reit (AA Reit) announced a $41.7 million redevelopment plan for 30 and 32 Tuas West Road, which will increase the asset’s value by four times.
The redevelopment will transform the existing two three-storey detached industrial buildings into a five-storey ramp-up warehouse facility.
It said that upon completion, the asset is expected to be valued at $60.7 million from its current value of $14.1 million. The gross floor area (GFA) will nearly double from 159,717 sqft to approximately 287,866 sqft, while the plot ratio will rise from 1.15 to 2.07.
Following its completion, SGX-listed CWT Limited will have staggered master leases on the warehouse with lease terms varying between 32 months to four years and two months for the different floors and with an annual rent escalation.
