AIMS APAC REIT Management Limited has announced the completion of the redevelopment project at 3 Tuas Avenue 2 and the issuance of the Temporary Occupation Permit (TOP) for the property on 10 January, in line with the expected completion in the first half of 2020. The design-and-build redevelopment project began in May 2018 and transformed the asset into a modern and versatile ramp-up industrial facility suitable for production and storage. The completion of the redevelopment follows the signing of the master lease agreement with a global medical device design and development, storage and distribution company, and a subsidiary of a NYSE-listed parent company (Master Tenant), in July 2019. The master lease agreement included the additional redesign requirements of the property's base-build to cater for the Master Tenant's operational requirements. The estimated project development costs (including land cost and other transaction costs) of SGD 45.2 million is SGD 3.0 million lower than the initial estimate of SGD 48.2 million. The property's value upon the completion of the redevelopment is SGD 51.8 million. The Master Tenant's ten- year master lease is on a triple net lease basis with rental escalations every two years during the initial term, and options to renew the lease for up to a further 20 years after the expiry of the initial ten-year term. The property is expected to provide an approximate initial net property income of SGD 3.8 million in the first year, with an approximate initial net property income yield of 8.3% based on the estimated development cost. Rental income is expected to commence around the end of financial year ending 31 March 2020 following the expiry of the fitting-out period. 3 Tuas Avenue 2 is located right at the heart of the Jurong Industrial Estate, in close proximity to two major expressways, namely the Pan Island Expressway and the Ayer Rajah Expressway. The property is well-connected in the area and to the city with a 4 km-long, dual three-lane road viaduct to Tuas South Avenue 3, and is within walking distance to Tuas Crescent MRT station.