Tung Lok Restaurant enters tenancy agreement at Novena Point worth $133,000

Tung Lok Restaurants’ subsidiary, Tung Lok Millennium, has recently entered a tenancy agreement with Novena Point for 19.5 months. Located at the 10 Sinaran Drive, the premise occupies a floor area of 743 square feet and is set to operate a Lao Beijing restaurant.

The estimated rental fees payable during the duration of the lease is around $133,000, which is a mere 0.88% of the group’s latest audited net tangible assets (NTA) of $15.1 million.

This agreement is one of the steps taken by Tung Lok Restaurants to expand their business to new locations. The tenant company is confident that this will be a profitable endeavor due to the strategic location of the premise.

The Jurong Region Line is composed of 24 stations stretched across 24km, connecting the western and north-western regions of Singapore. For residents of Lumina Grand EC, the JRL will improve connectivity to the city centre. Travelling from the development to Jurong East MRT Interchange, for instance, will take just six minutes. Plus, commuters will be able to directly link to the North-South and East-West lines.

It is clear that Tung Lok Restaurants are keen to increase their presence in the industry. With this new lease, the tenant company is taking a bold move towards bringing its business to even greater heights.

This is not the first time Tung Lok Restaurants have made headlines recently. Recently, Tung Lok Restaurants had a joint venture with Tee Yih Jia Building for a two-year lease of $1.2 million.

Overall, Tung Lok Restaurants’ choice to enter into this tenancy agreement with Novena Point marks a major milestone for the tenant company and is expected to bring outstanding results.