ESR-REIT Management (S) Limited has announced the completion of its Asset Enhancement Initiative (AEI) at 29 Tai Seng Street, Singapore, achieving 100% occupancy ahead of schedule. The property has secured a long-term lease with PSB Academy, a leading private education institution in Singapore, for approximately 10 years, with built-in annual rental escalations.
The upgraded facility has received the BCA Green Mark GoldPLUS (Provisional) certification, highlighting its sustainability features. This development aligns with ESR-REIT’s strategy to provide modern, high-quality, and adaptable spaces for diverse tenants. Adrian Chui, CEO and Executive Director of the Manager, stated, “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.”
In addition to 29 Tai Seng Street, PSB Academy has leased two floors at 16 Tai Seng Street, further enhancing the occupancy rate of ESR-REIT’s assets in the area. This move increases the occupancy rate from 53% to 68%, contributing to the overall performance of the Tai Seng cluster.
Derrick Chang, CEO of PSB Academy, expressed enthusiasm about the partnership, noting that the new premises will support the growing demand for training in science, technology, engineering, arts, and mathematics (STEAM). The collaboration aims to build a talent pipeline for the STEAM industries through state-of-the-art facilities.
This achievement follows ESR-REIT’s robust financial results in the first half of 2026, reinforcing its active asset management strategy and commitment to delivering sustainable growth and returns.
