Sevens Atelier to purchase industrial building at 60 Bendemeer Road for $4.15 mil
In an announcement filed with the Singapore Exchange on May 2, the Catalist-listed group announced that its wholly-owned subsidiary Sevens Creation (SC) has been granted the option to purchase the property. (Photo: Google Maps)
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SINGAPORE (EDGEPROP) - An industrial building located at 60 Bendemeer Road is being acquired by Singapore-listed company Sevens Atelier. In an announcement filed with the Singapore Exchange on May 2, the Catalist-listed group announced that its wholly-owned subsidiary Sevens Creation (SC) has been granted the option to purchase the property. It has until May 23 to exercise the option.
Map and overview of 60 Bendemeer Road (Source: EdgeProp LandLens)
The property is a 99-year leasehold, single-storey building. It has a total land area of approximately 4,402 sq ft with a remaining lease of approximately 40 years and 10 months. It is zoned for “light industrial usage” by the URA and is currently occupied by the vendor Olympia Engineering. The vendor will vacate the property upon the 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.
Recent transactions of industrial properties near 60 Bendemeer Road (Source: EdgeProp Research tool)
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 strategic move to consolidate all its operations under one roof and achieve savings on rental costs on its current office and showroom. The group intends to rebuild the property to house its showroom and administrative operations team.
The transaction is expected to be completed three months after obtaining the necessary approvals from relevant authorities.
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