Another bad piece of news for Soilbuild Business Space REIT investors out there. NK Ingredients Pte Ltd, the sole tenant for 2 Pioneer Sector 1 has defaulted on its rent. If you do not know, NK Ingredients Pte Ltd is one of the top ten tenants contributing 5.8% of Soilbuild Business Space REIT monthly gross rental income.
Soilbuild REIT has called upon the insurance guarantee today. The balance of the insurance guarantee of S$1,689,556.67 is equivalent to approximately four months of rent.
The stock price reacted to the bad news and plunged from $0.73 to $0.69 before closing at $0.70. It seems that I am a bit late in running now.