Boustead Projects secures 4 new key tenants in Singapore including NETS and Shopee
The new leases are collectively expected to have a “positive material impact” on the group for FY2021.
Boustead Projects has secured four new key tenants at different leasehold properties in Singapore.
The leading provider of smart eco-sustainable real estate solutions announced on Oct 19 that its real estate business has secured a string of new leases including Network for Electronic Transfers (NETS).
The NETS Group has agreed to lease two full floors and a ground-floor unit on a long-term basis as an anchor tenant for Boustead Projects’ joint venture (JV) development, 351 on Braddell.
See also: NETS and Singtel to provide more cross-border digital payment opportunities in Southeast Asia
Construction of 351 on Braddell is expected to be completed by the end of 1Q2021.
Boustead Projects has also secured the largest Asia-based coworking space company as a key tenant for its JV development, Razer SEA HQ. The name of the company is currently undisclosed.
Located at One-North, Razer SEA HQ is a high-tech, smart business park development managed by Boustead Projects’ JV real estate platform, Echo Base-BP Capital.
Construction of Razer SEA HQ is expected to be completed by the end of 1Q2021.
At its properties at 10 and 12 Changi North Way, Boustead Projects has signed on Zuellig Pharma Singapore and Shopee Express as its tenants respectively.
Zuellig Pharma has exclusively leased Boustead Projects’ warehouse facility at 10 Changi North Way while Shopee Express – a unit of Shopee – has taken up “significant space” at 12 Changi North Way.
At 6 Tampines Industrial Avenue 5, Boustead Projects’ anchor tenant – a global technology corporation – has agreed to take up additional space, which will result in the anchor tenant leasing greater than the super-majority of the net lettable area (NLA) of the property.
The new leases are collectively expected to have a “positive material impact” on the profitability and earnings per share (EPS) of the Boustead Projects Group in FY2021.
“To have secured a string of reputable, high-quality tenants at such a time demonstrates the hard work, perseverance and tenacity of our team, as well as how our leasehold portfolio has enabled us to meet the diverse needs of different corporations searching for the right type of space in the right locations,” says Thomas Chu, Managing Director of Boustead Projects.
“Our real estate business, with our growing leasehold portfolio continues to be a pillar of stability for the Boustead Projects Group, even as our design-and-build business continues to scale-up operations after the long pause in activities brought on by Singapore’s Circuit Breaker,” he adds.
Shares in Boustead Projects closed flat at 73.5 cents on Oct 16.
See Also:
DBS Research bets Covid-19 recovery hopes on Covid-19 vaccine in 2021
Singapore's bank lending slowed for the sixth month in August
Vicplas International's FY20 earnings increase 17.7% to $5.0 mil
Easing of Phase 2 measures spells good news for CapitaLand Mall Trust and ComfortDelGro, says CGS-CIMB
As REIT Symposium turns virtual, REITAS looks past Covid at new trends
