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The leasing deal will see Tesla occupy the entire property for a total lease term of up to 20 years. (Picture: Firmus Capital)
SINGAPORE (EDGEPROP) - Tesla Motors Singapore, a wholly-owned subsidiary of US-based electric vehicle maker Tesla Inc, will lease an industrial building at 17 Lorong 8 Toa Payoh from Firmus Capital. The leasing deal will see Tesla occupy the entire property for a total lease term of up to 20 years. (See also: Three-storey building in Toa Payoh up for sale)
Firmus Capital recently acquired the Toa Payoh industrial building through its new Firmus Opportunity Fund VCC, in a deal brokered by OrangeTee Advisory.
“We are very encouraged that our initial investment Singapore has taken off smoothly with a strong partner in Tesla. The long lease term of this investment underpins the sound and stable returns that we aim to deliver to our investors,” says Lim Su Kiat, fund manager of Firmus Opportunity Fund VCC.
The property sits on a 58,743 sq ft site and has a gross lettable area of 59,049 sq ft. The building is currently undergoing asset enhancement works and will eventually house a modern showroom for Tesla’s electric vehicles, a technical support and service centre, as well as a corporate office for Tesla.