Nordic Group buys Tuas property for $6.2 mil

By
/ EdgeProp
|
January 8, 2018 6:43 PM SGT
Systems integration, precision engineering and scaffolding company Nordic Group announced on Jan 5 that it is acquiring a property in Tuas for $6.2 million, excluding GST.
Located at Tuas Avenue 10, the property comprises all buildings on the land, the plant, and on-site equipment.
The property has a 30+30 years (30 years with the option to renew for another 30 years) tenure from December 1989. JTC has granted the second option term or a 30 year renewal of the lease, which will begin in December 2019.
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Nordic says the acquisition is a “strategic move”, as the property is located in proximity to the premises of recently bought subsidiary, Ensure Engineering, which is also located along Tuas Avenue 10.