The manager of AIMS AMP Capital Industrial REIT (AA REIT) has announced that its redevelopment plans for its property at 3 Tuas Avenue 2, under its asset enhancement strategy. The redevelopment will cost $48.2 million and the property’s value upon completion will be about $51 million. The design-and-build project is expected to be complete by end 2H2019.

The redeveloped site will be turned into a ramp-up industrial facility suitable for production and storage. It will also increase the ease of sub-dividing the property for multi-tenancy usage. The gross floor area is expected to increase to about 24,890 sq ft (52%), and the plot ratio will go from 0.92 to 1.4.

“Amidst a softer industrial market, we continue to execute on our asset enhancement initiative strategy to build a high quality and resilient portfolio that can meet evolving market needs and attract quality tenants”, says the manager’s CEO, Koh Wee Lih.