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Hafary to buy shophouses for $71.28 million

By The Edge Singapore

/ The Edge Singapore |

July 12, 2022 11:27 AM SGT

The property, 161 Lavender Street, has a gross floor area of approximately 45,212 sqft. (Credit: Chan Chao Peh/ The Edge Singapore)

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SINGAPORE (EDGEPROP) - Hafary Holdings plans to acquire a row of shophouses for $71.28 million from Broadway Textile, to be used as its new flagship store.

Read also: Five types of people you’ll meet in Balestier

The property, 161 Lavender Street, has a gross floor area of approximately 45,212 sqft. It comprises a row of 11 contiguous conservation shophouses with 4-storey rear extension and 10 covered car parking lots sitting on an island block.

The property, which has a book value of $73.4 million, has a total frontage of 110-metre along three roads: Lavender Street, Foch Road and Tyrwhitt Road.

“The group is of the view that a centrally located large-format flagship store would allow the group to showcase a wider range of its products in a more accessible and convenient location, in order for the group to better service the needs of its retail customers in Singapore,” says Hafary, which sells floor tiles and other building materials.

Hafary will pay for the acquisition with a combination of bank borrowings and internal resources.

Hafary last traded at 19 cents, which gives it a market value of $80.5 million.

Check out the latest listings near Lavender Street, Foch Road, Tyrwhitt Road

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