Sabana Industrial REIT obtained Temporary Occupation Permit (TOP) from the Building and Construction Authority on July 9 for the completion of the Asset Enhancement Initiative (AEI) works of 1 Tuas Avenue 4.
Officially named Sabana@1TA4, the project took slightly over 15 months to complete following its ground-breaking in April 2023. Sabana@1TA4 comprises 156,139 sq ft of warehouse, production and ancillary office space. The property includes ample loading bays with dock levellers and a 25m voluminous ceiling height space ideal for an automated storage and retrieval system. The property has been awarded in March 2024 the BCA Green Mark Super Low Energy certification based on the Green Mark Criteria for Green Mark 2021.
With its TOP, Sabana@1TA4 is scheduled for the installation of solar panels in 3Q2024. The development cost of Sabana@1TA4 is approximately $18.0 million, below the previously announced of approximately $20.0 million. This translates into an estimated development cost of $115.3 per sq ft, based on the gross floor area of 156,139 sq ft.
"It is significant that the project has been completed below our initial budget projection, thanks to the disciplined and vigilant project execution. Equally significant, we have been able to fast-track the process and complete the works within a considerably shorter period of time compared to at least 24 months typically required for redevelopments," says Donald Han, CEO of Sabana REIT's manager.
