TUNG Lok Restaurants announced on Wednesday it has entered into a tenancy agreement with Riverhub Pte Ltd to lease eight units, together with the outdoor refreshment areas, at The Central mall at 6 Eu Tong Sen Street for a one-year term.
The group will operate its Tung Lok Signatures restaurant on the leased premises.Rental fees for the one-year duration of the lease are estimated to be around S$573,000, representing 3.31 per cent of Tung Lok's latest audited net tangible assets.
The rental rates were arrived at based on a fixed rate or percentage of the gross monthly sales turnover generated from the premise, Tung Lok said in its announcement.
Under the agreement, the units occupy a total floor area of 6,426 square feet, and the lease will be for a period not exceeding three years.
Riverhub is 50 per cent owned by Philip Ng Chee Tat and 49.99 per cent owned by the Estate of Ng Teng Fong.
Previously, Tung Lok also announced the signing of tenancy agreements with Tee Yih Jia Food Manufacturing for tenancy of the first and fifth floors of Tee Yih Jia Building at 1 Senoko Road, and five units at Orchard Central.
Tung Lok's counter last traded on Feb 26 at 22 Singapore cents apiece.