SINGAPORE (Dec 5): Hupsteel is redeveloping a Genting Lane freehold property it owns into an eight-storey industrial building, with elevated car parks with a gross floor area (GFA) of 5,259 sq m, for an estimated cost of $9.3 million which represents 5.9% of the group’s net assets as at end-Sept.

The group has received a Letter of Award to go ahead with the redevelopment, and intends to use its cash holding of $63.9 million as at end-Sept to finance construction works for the project.

Located at 38 Genting Lane, the property occupies a land area of 2,103 sq m and is classified as a Business 1 (B1) zone which is intended for industry, warehouse, utilities and telecommunication uses.

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