ESR-REIT completes 29 Tai Seng Street upgrade

A long-term lease with PSB Academy brought the property to full occupancy ahead of schedule.

ESR-REIT has completed the asset enhancement initiative at 29 Tai Seng Street after obtaining a Temporary Occupation Permit.

The upgraded property also received BCA Green Mark GoldPLUS (Provisional) certification.

ESR-REIT secured 100% occupancy at the property ahead of schedule through an approximately 10-year lease with PSB Academy. The agreement includes annual rental increases.

Income contribution from the property is expected to begin in the third quarter of 2026, according to ESR-REIT’s manager.

PSB Academy has also leased two floors at 16 Tai Seng Street under a similar approximately 10-year agreement with annual rental increases.

The leased space represents about 15% of 16 Tai Seng Street’s net lettable area, raising the property’s occupancy rate from approximately 53% to 68%. Its asset enhancement initiative was completed in July 2025.

PSB Academy plans to establish an integrated science, technology, engineering, arts and mathematics hub across 16 and 29 Tai Seng Street.

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