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Mr Low: "We have been seeking bite-sized industrial developments.'

Explaining the latest acquisition, Low Soon Sim, executive director of Soilbuild, said: 'As a niche player in the industrial property segment, we have been seeking bite-sized industrial developments that will help strengthen our recurrent income stream.'

Soilbuild's recent residential projects include Cliften off Bukit Timah Road and the recently launched One Tree Hill Residence off Grange Road. Last month, it bought Furama Tower at Leonie Hill Road for $76 million.

Soilbuild will acquire the Penjuru Lane site from Scandinavia Warehouses. It has a lease for 30 years, which commenced August 16, 2002.

The site has a plot ratio of 2.5 and a maximum gross floor area of 39,413 square metres.

Development of the site is expected to begin next year, when its $35 million high-tech building Eightrium at Changi Business Park is set to obtain temporary occupation permit (TOP).

On its current industrial projects, Soilbuild said all 12 units of Kranji Linc have been taken up, of which five units have been sold.

The Penjuru Lane site will be funded by the group's internal resources and bank borrowings, said Soilbuild.

Last week, Soilbuild reported that its first-half net loss rose to $2.3 million from $1.1 million previously.

Soilbuild shares closed at 29 cents yesterday, up 1.5 cents.