ESR-REIT achieves 100% occupancy for 29 Tai Seng Street AEI with 10-year lease

The Edge Singapore 08-04

ESR-REIT receives TOP for 29 Tai Seng Street AEI and achieves 100% occupancy with a 10-year lease ahead of schedule. 29 Tai Seng Street Photo credit ESR-REITThe manager of ESR-REIT has announced ...

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The upgraded property has also attained BCA Green Mark GoldPLUS (Provisional) certification, reflecting its enhanced sustainability credentials.\n Following the completion of the AEI, 29 Tai Seng Street has achieved 100% occupancy ahead of schedule, with a long-term lease to PSB Academy. The lease has a tenure of approximately 10 years with built-in annual rental escalations, providing long-term income visibility and supporting sustainable rental growth.\nIn addition, PSB Academy has taken up two floors at 16 Tai Seng Street, with a similar lease tenure of approximately 10 years and built-in annual rental escalations. The two floors account for approximately 15% of the asset's net lettable area, increasing its occupancy rate from approximately 53% to 68%, further strengthening the performance of ESR-REIT's assets in the Tai Seng cluster. 16 Tai Seng Street's AEI was completed in July 2025. Both 29 and 16 Tai Seng Street offer modern, high-quality scalable industrial space options.\nAdrian Chui, CEO and Executive Director of the Manager, said \"The successful completion of the AEI at 29 Tai Seng Street, together with securing 100% occupancy ahead of schedule, marks another important milestone for ESR-REIT, with immediate income contribution from the asset commencing in 3Q2026. We are pleased to welcome PSB Academy as our long-term tenant and look forward to supporting their business growth and aspirations.\n \"Beyond enhancing the asset, this AEI reflects our strategy of delivering modern, high-quality and future-ready spaces that are designed with flexibility in mind to support the evolving operational requirements of a diverse range of occupiers. By continually enhancing our portfolio and creating versatile solutions that meet tenants' needs today and into the future, we strengthen the long-term competitiveness of our assets while creating sustainable value for our stakeholders.\n \"Following our robust 1H2026 financial results, the completion of the AEI and the ahead-of-schedule leasing demonstrate our active asset management strategy, representing another major step in ESR-REIT's strategy of delivering quality, future-ready assets that support sustainable DPU growth and enhance total returns.\"\nIn 1H2026, ESR-REIT's DPU rose by 2.4% y-o-y to 11.51 cents.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2656557386","isCrawlerRequest":true}