Anchor Tenant At Elementum Business Park Known
SINGAPORE – The health-technology agency of Singapore’s public healthcare network, Integrated Health Information Systems (IHiS), as well as few related entities are said to have signed a deal to occupy 250,000 sq ft of workspace at Elementum in one-north, reported The Business Times on Monday morning (27 February, SGT).
About 200,000 sq ft will be leased by IHiS, a fully-owned unit of the holding company of the city-state’s public healthcare clusters, MOH Holdings.
At present, the health-technology agency is occupying space at 6 Serangoon North Avenue 5, which is owned by Mapletree Industrial Trust. While its lease there is poised to expire by Q1 2024, there is enough time to relocate as Elementum is targeted to be ready by Q4 2023.
Meanwhile, the related entities that are under the umbrella of MOH Holdings will be transferring from the HarbourFront area.
Located within one-north’s Biopolis precinct, the 12-storey Elementum will contain 10,000 sq ft of retail premises, 50,000 sq ft of office space, and 312,000 sq ft of business park space. It is also near the Buona Vista MRT Station.
According to market chatter, Elementum’s landlord Ho Bee Land has either pre-let or is in advanced talks to lease over 80 percent of Elementum’s total leasable area of 372,000 sq ft.
Market observers reckon that IHiS and its related entities would be forking out a lower gross effective rental of over S$6 psf per month at Elementum, given that they are anchor tenants. On the other hand, smaller occupants are expected to pay rent closer to S$7 psf per month or even higher.
Recently, it was reported that asking rent for business park space at Elementum is about S$7.20 psf per month, while the office spaces there are more expensive at S$8.50 psf per month.