Tung Lok unit renews Orchard Central lease for one year, Companies & Markets

Tung Lok unit renews Orchard Central lease for one year, Companies & Markets

Wed, Jul 01, 2020 - 8:49 AM TUNG Lok Xihe Restaurant (TLXH), a 60 per cent owned subsidiary of Catalist-listed Tung Lok Restaurants, has renewed

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Wed, Jul 01, 2020 – 8:49 AM

TUNG Lok Xihe Restaurant (TLXH), a 60 per cent owned subsidiary of Catalist-listed Tung Lok Restaurants, has renewed the lease of its tenancy agreement in Orchard Central for a year, Tung Lok Restaurants said in a bourse filing on Tuesday.

The two units leased, which are located on the seventh floor of the mall and occupy a floor area of 3,444.48 square feet, will continue to be used as the premises for the Dancing Crab restaurant.

The estimated rental fees payable during the renewal is about S$300,000, while the estimated value of the renewal to the company – based on its effective equity interest in TLXH – is about S$180,000.

This represents 1.2 per cent of the group’s latest audited net tangible assets, which stood at about S$15.0 million as at March 31, 2019.

The rental rates of the renewal were arrived at after negotiation between the parties, and are computed based on a combination of fixed rates and percentage of the gross monthly sales turnover generated from the premises, Tung Lok said.

It added that the terms of the renewal were…



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