MIT INKS BUILD-TO-SUIT DEAL
WITH TECH GIANT HEWLETT-PACKARD
Mapletree Industrial Trust (MIT) recently inked a deal with technology giant, Hewlett-Packard Singapore (HP Singapore), to develop a build-to-suit (BTS) facility. The S$250 million facility will be MIT’s fourth and largest BTS project to date. Our other customised developments include Tata Communications Exchange, Kulicke & Soffa Corporate Headquarters and Equinix International Business Exchange.
Artist impression of the new HP Singapore build-to-suit facility
Here are some quick facts about the project -
| Location: |
1160 & 1200 Depot Road
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| Completion: |
2nd Quarter 2017 (Estimated)
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| Building Type: |
Hi-Tech Industrial Building
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| Gross Floor Area: |
Approximately 824,500 sq ft
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| Lease Arrangement: |
HP Singapore has committed to fully lease the facility for 10.5 years
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| Purpose: |
Office, manufacturing, product and software development |
| Accessibility: |
Well-served by major expressways such as AYE and CTE,
near to Labrador Park MRT station |
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Mr Tham Kuo Wei, Chief Executive Officer of MIT, said:
“The redevelopment will unlock value for MIT’s portfolio by repositioning the Property as a high-tech industrial cluster and maximising available plot ratio. The long-term lease commitment from a good quality tenant will lengthen the portfolio’s weighted average lease to expiry and provide income stability. This project will be MIT’s largest build-to-suit development to date, underscoring our focus on the development of more customised facilities which meet our tenants’ operational and expansion needs.”
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MIT’s build-to-suit solutions involve developing the facility for clients with specific requirements. The lease structure is also negotiated upfront, providing clients with greater rental certainty. This allows companies to focus on their core business, while MIT looks after the capital expenditure and development process.
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Click here for more details about MIT’s Build-to-Suit Solutions.
Mapletree MEET Magazine July 2014
