Soilbuild Business Space REIT announced that the Urban Redevelopment Authority has issued the Grant of Written Permission for the increase in plot ratio to 1.32. The maximum total gross floor area of the proposed building is 70,325.69 m2. On 2 March 2021, the Manager has notified SBPL on the conversion to the plot ratio 1.32 design scheme and increase of contract sum to SGD 78,213,000. Based on the valuation by Savills Valuation And Professional Services (S) Pte Ltd, the as- is values of 2 Pioneer Sector 1 as at 31 December 2020 for plot ratios of 1.00 and 1.32 are SGD 30,349,324 and SGD 46,849,324 respectively. The Manager had adopted the valuation based on a plot ratio of 1.00 in the unaudited financial statements for the fourth quarter and financial year ended 31 December 2020.