ESR-LOGOS REIT’s (E-LOG) property at 7002 Ang Mo Kio Avenue 5 has obtained its temporary occupation permit (TOP) after the completion of its asset enhancement initiative (AEI).
The AEI involved the development of a new multi-tenanted high-specifications building into one that was suitable for advanced manufacturing, info-comm and data centre tenants. The building has a gross floor area (GFA) of around 25,000 sqm (269,097.76 sq ft).
Following the completion of the AEI, the newly-completed building has secured an occupancy of 50% from two companies. The first is a technology driven provider of global multimodal specialised logistics solutions serving the electronics industry while the second is a listed wellness and healthcare company, which carries out research and development activities, and manufactures its own range of premium beauty, health and wellness products.
“We are delighted to celebrate the completion of the AEI at 7002 Ang Mo Kio Ave 5 as well as its strong leasing results, which is a clear testament to our efforts and effectiveness of our portfolio rejuvenation strategy,” says Adrian Chui, CEO and executive director of the manager.
“We remain committed to providing future-ready industrial spaces to ensure that our assets remain relevant. As the pace of economic structural trends such as digitalisation, increasing prevalence of automation and technology and supply chain diversification continue to advance, we will proactively evaluate our rejuvenation initiatives on our properties to cater to the evolving needs of modern industrialists,” he adds.
Units in E-LOG closed 0.5 cents lower or 1.85% down at 26.5 cents on Oct 4.
