Mapletree Industrial Trust to embark on its S$263 million redevelopment project
SINGAPORE: Mapletree Industrial Trust Management Ltd., as manager of Mapletree Industrial Trust (MIT), announced that MIT will be redeveloping the Kolam Ayer 2 Cluster in Singapore into a high-tech industrial precinct at a total project cost of about S$263 million.
The proposed redevelopment will include a build-to-suit (BTS) facility for a global medical device company headquartered in Germany. The BTS facility will account for about 24.4% of the enlarged gross floor area upon completion of the proposed redevelopment.
Tham Kuo Wei, Chief Executive Officer of the Manager, said, “Given its excellent connectivity to the public transportation network, the new high-tech industrial precinct has the potential to cater to companies seeking build-to-suit solutions. It will be a choice location for firms looking for high-quality industrial space at the city fringe.”
The total project cost of the proposed redevelopment, including the development cost of the BTS facility, is expected to be around S$263 million.
The proposed redevelopment, which is subject to approvals from the relevant authorities, is expected to commence construction in the second half of 2020 and complete in the second half of 2022.