AIMS AMP receives TOP for final phase of 20 Gul Way’s development

Total gross floor area has increased threefold.

AIMS AMP’s development of 20 Gul Way is finishing earlier than expected.

The asset enhancement initiative (AEIs) have successfully expanded 20 Gul Way’s total gross floor area by more than threefold, and is now the largest asset in the REIT’s portfolio.

OSK-DMG likes the fact that the entire asset is pre-leased to a strong tenant, CWT limited (CWT SP, BUY TP: SGD 2.00), and will be contributing an estimate of SGD22.6m annual rental income, 5.3x more than the initial contribution before the AEIs took place.

In addition, OSK-DMG thinks unitholders will benefit from the earlier-than-expected completion of development as it implies additional contributions in this quarter, instead of the next.