Owners of Telepark, Tampines Regional Center, intend to redevelop this building designed specifically for the data center into a commercial real estate.
According to CapitaLand's website, Telepark, located in the center of Tampines Region, is an eight-story high-spec commercial building designed for activities such as data centers and telecommunications. It has a net rental floor of 24,610 square meters.
He said Telepark was approved for commercial use and the company will submit a new development plan consistent with the Tampines master plan to redevelop Telepark into a commercial real estate.
Capital Holdings Real Estate Trust's share price fell 1.9% on Monday, closing at 2.58 yuan.
According to the disclosure after the closing of the market by the owner CapitaLand Ascendas REIT on Monday (May 19), it disclosed this plan when it responded to shareholders' inquiries last month.
The Trust has two data centers in the Kim Chuan Telecommunications Complex in the Dacheng area. One of the leases will expire in 2026 and the other will expire in 2030.
Trust revealed when it released its first quarter business report at the end of April that Telepark's leasing rate has dropped from 99.6% to only 6.0%. This shows that Xin Telecom has moved out of Telepark.
Trust Management CEO Zheng Weiliang said that the three data centers owned by the Trust are leased to Singapore Telecom (Singtel). However, New Telecom will move out of two of the data centers, with Telepark being the first, and New Telecom will move out of Telepark in 2025.
Zheng Weiliang said at the perennial shareholders' meeting that the management company is discussing options for the location where Xin Telecom will not renew when the lease expires next year, or to cooperate with other data center operators to redevelop the location, or to redevelop it into a high-standard industrial building.
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