GKE's (SGX:595) subsidiary, GKE Marquis, accepted an offer from Jurong Town Corporation for a further term lease of 20 years for a land located at Kwong Min Road, Singapore, according to a Monday filing with the Singapore Exchange.
The property has a land area of 3,968 square meters.
Under the terms of the offer, the company is required to invest in new plant and machinery at the property of at least SG$1.7 million, obtain a temporary occupation permit and to meet green building obligations within the first three years.