Sevens Atelier to purchase industrial building at 60 Bendemeer Road for $4.15 mil
Sevens Atelier, a Singapore-listed company, is set to acquire an industrial building located at 60 Bendemeer Road. An announcement made to the Singapore Exchange revealed that the company’s wholly-owned subsidiary, Sevens Creation (SC), has been granted an option to purchase the property which must be exercised by May 23.
The building is a single-storey, 99-year leasehold structure with a total land area of approximately 4,402 sq ft. It has a remaining lease of 40 years and 10 months, and has been zoned “light industrial usage” by URA. Currently occupied by Olympia Engineering, the vendor will vacate upon completion of the sale.
Olympia Engineering is a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore.
According to EdgeProp Research Tool, the consideration of $4.15 million for the property was derived through a willing-buyer-willing-seller basis, taking into account the indicative valuation from a Singapore-based bank for similar properties within the vicinity.
Sevens Atelier plans to rebuild the property to house its showroom and administrative operations team, as it would be a strategic move to consolidate all its operations under one roof. Such a move could help the group save on rental costs of its current office and showroom.
The transaction could take up to three months to complete, following the necessary approvals from relevant authorities.
In such an event, it fits in with similar industrial site acquisitions that have taken place lately, such as Maxwell House which was sold enbloc in a $276.8 mil deal, as well as the availability of cloud kitchen units at CT Hub 2 for sale, and a three-bedder at Skysuites @ Anson on the market for $2.42 mil.