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.
See also: LHN to raise $2.2 mil through placement of up to 6.5 mil shares in Singapore
The property is a foreclosed property. DBS Bank, as the mortgagee, is exercising its power of sale to dispose of the property.
LHN intends to operate the Tuas South property to provide business spaces under the Business 2 zone for industrial developments, as well as a range of value-added logistics support services to its tenants.
As at 11.53am, shares in LHN are trading flat at 39 cents.
Photo: LHN Group
