Sevens Atelier, a Singapore-listed company, has been granted an option to purchase the 99-year leasehold, single-storey industrial building at 60 Bendemeer Road. The property occupies a 4,402 sq ft area with a remaining lease of 40 years and 10 months. It is currently occupied by Olympia Engineering, a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts.
The option must be exercised by May 23, with a consideration of $4.15 million, which was derived from a willing-buyer-willing-seller basis and taking into account the indicative valuation from a Singapore-based bank for similar properties within the vicinity. Sevens Atelier intends to rebuild the property to house its showroom and administrative operations team.
Upon completion of the sale, and subject to obtaining the necessary approvals, the transaction is expected to be completed within three months. This acquisition is also seen as a strategic move by the group to …