SINGAPORE (Dec 5): Hupsteel is redeveloping a Genting Lane freehold property it owns into an eight-storey industrial building, with elevated car parks with a gross floor area (GFA) of 5,259 sq m, for an estimated cost of $9.3 million which represents 5.9% of the group’s net assets as at end-Sept.

The group has received a Letter of Award to go ahead with the redevelopment, and intends to use its cash holding of $63.9 million as at end-Sept to finance construction works for the project.

Located at 38 Genting Lane, the property occupies a land area of 2,103 sq m and is classified as a Business 1 (B1) zone which is intended for industry, warehouse, utilities and telecommunication uses.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook