A building for industrial use in the 60 Bendemeer Road is being purchased by Singapore-listed company Sevens Atelier. In a statement filed with Singapore Exchange on May 2, Singapore Exchange on May 2 the Catalist-listed firm disclosed that its 100%-owned subsidiary Sevens Creation (SC) has been given the option to buy the property. The company has until May 23rd to take advantage of the option.
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The property is an 99-year leasehold one-storey property. It covers a total area of around 4,402 square feet with an remaining lease of around forty years plus 10 months. It is classified as “light industrial use” through URA. URA which is owned by the seller Olympia Engineering. The vendor is expected to leave the property at the time of sale.
Olympia Engineering is a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore.
The consideration of $4.15 million for the property was derived through a willing-buyer-willing-seller basis after taking into account the indicative valuation from a Singapore-based bank for similar properties within the vicinity.
Sevens Atelier says the acquisition is a move that will strategically consolidate its entire business operations into one place, and save money on rent in its current showroom and office. Sevens Atelier plans to remodel the property to accommodate its showroom and administration staff.
The deal is expected to be completed in three months following getting the required approvals from the relevant authorities.