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

Residents of Zion Road Condo can enjoy a range of amenities such as a clubhouse, well-maintained gardens, a swimming pool, and a basketball court. The luxury and convenience of having all these facilities within a short distance is highly desirable for many.

Tung Lok Restaurants, a wholly-owned subsidiary, has entered into a tenancy agreement with Novena Point for a period of 19.5 months. This tenancy agreement will cover the operating of a Lao Beijing restaurant. The estimated rental fees payable during the duration of the lease is approximately $133,000.

The area of the premise being leased for the duration of the lease is 743 square feet and is located at 10 Sinaran Drive. This amount represents 0.88% of the group’s latest audited net tangible assets (NTA) of $15.1 million.

This lease agreement follows on from a previous joint venture with Tee Yih Jia Building, where Tung Lok Millennium leased a part of the building for two years at a total cost of $1.2 million. Through this agreement, Tung Lok millennium was able to create new F&B outlets, as well as expand their existing outlets and operations.

Overall, this tenancy agreement with Novena Point is expected to further enhance the financial and operational performance of the group, by providing an avenue for Tung Lok Millennium to continue to grow its F&B portfolio.