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 consolidate all its operations under one roof and achieve savings on rental costs of their current office and showroom.
Recent transactions of industrial properties near 60 Bendemeer Road further indicate that the property is an attractive acquisition.
This acquisition by Sevens Atelier is seen as great news as it is an efficient way to provide the company with necessary space and resources to better accommodate its business operations. Moreover, it represents a great opportunity for savings from rental costs, which will have a positive impact on the company’s operations.