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

Tung Lok Restaurants’ wholly-owned subsidiary, Tung Lok Millennium, has entered into a tenancy agreement with Novena Point for 19.5 months. The premise will be used to operate a Lao Beijing restaurant, and the floor area is 743 square feet at 10 Sinaran Drive.

The group’s estimated rental fees payable during the duration of the lease will total approximately $133,000. This represents 0.88% of the group’s latest audited net tangible assets (NTA) of $15.1 million.

This addition to the group’s portfolio signifies their commitment to expand their food and beverage chains and increase their market presence. By opening the Lao Beijing restaurant, Tung Lok Millennium can provide its customers with a unique dining experience.

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In the past, the group has also entered into similar tenancy agreements for other sites, such as the Tee Yih Jia Building for $1.2 million over two years. This demonstrates their ambition to remain a significant player in the food and beverage industry.

Tung Lok Millennium intends to use this lease to add value and achieve long-term growth. With its new restaurant, it hopes to further enhance its competitive advantage and strengthen its position in the food and beverage industry. Additionally, the group will also focus on providing excellent customer satisfactions levels and delivering quality services.