Mapletree Industrial Trust (MIT) will embark on a $263 million redevelopment of its properties in the Kolam Ayer 2 flatted factory cluster in Kallang. This was announced by Mapletree Industrial Trust Management (MITM), the manager of the Singapore-listed Reit. The total projected cost includes the book value of the existing properties, which are valued at $70.2 million as of March 31 this year.
The existing cluster of buildings at 155/155A and 161 Kallang Way sits on a 346,270 sq ft plot zoned for Business 2 use, and comprises two 7-storey flatted factories and an amenity centre, spanning a gross floor area (GFA) of 506,720 sq ft. The land has a 43-year tenure from July 2008.