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

Tung Lok Restaurants’ wholly-owned subsidiary Tung Lok Millennium has today entered into a tenancy agreement with Singapore’s Novena Point shopping center for a period of 19.5 months. The premise, which was leased occupies a floor area of 743 square feet at 10 Sinaran Drive and will be used to operate a Lao Beijing restaurant.

The estimated rental fees payable during the duration of the tenancy is approximately $133,000, representing 0.88% of the group’s latest audited net tangible assets (NTA) of $15.1 million. This highlights the potential industry growth that Tung Lok Restaurants is planning to capitalize on in the coming years by venturing into the food and beverage (F&B) scene.

The move is also evident of the group’s eagerness to expand its presence in the F&B industry through its wholly-owned subsidiary Tung Lok Millennium. With an expanding customer base and a variety of food and beverage options, Tung Lok Restaurants is well-positioned to capture future growth.

In another expansion move, the group, as a joint venture company, had also previously entered into a lease agreement with Tee Yih Jia Building to operate a restaurant outlet for a period of two years. The estimated rental fees payable during the tenure of that lease is $1.2 million.

The initiatives taken by Tung Lok Restaurants illustrate the company’s commitment towards growing its business in the F&B arena. With an increasing customer base and an extensive menu, Tung Lok Restaurants is poised to gain a bigger market share in the industry.

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As the company continues to venture into the food and beverage industry, investors can look forward to more possible rental agreements and collaborations in the space in the months ahead.