Real estate management group LHN is acquiring a property located at 55 Tuas South Avenue 1 for $21 million.

The property, consisting of an 11-storey industrial building, two part single-storey industrial factories, and a two-storey workers' dormitory, has a total gross floor area of 129,138 square feet. It sits on a piece of Urban Redevelopment Authority (URA) land measuring 51,655 square feet with a remaining lease of some 39 years.

The property is currently leased to two tenants for the provision of workers dormitory for a maximum of 64 and 73 workers respectively. Both tenancy agreements are for a duration of two years commencing from Jan 16, 2020, without any option to renew, and may be terminated by the landlord upon 30 days’ notice to the tenant.


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