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Sevens Atelier, a Singapore-listed company, is set to acquire an industrial building located at 60 Bendemeer Road. 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, with an expiration date of May 23.

The single-storey property is a 99-year leasehold, with a total land area of approximately 4,402 sq ft and 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 Olympia Engineering, a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts.

The consideration of $4.15 million 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 intends to rebuild the property to house its showroom and administrative operations team, as well as consolidate all its operations under one roof and achieve savings on rental costs.

Tengah EC is a Tengah EC new eco-friendly executive condo located in the heart of Tengah New District near the Bukit Timah Nature Reserve. The development features a number of sustainable features including solar heating, wind turbines, and a water conservancy system. It is the first of its kind in Singapore and will be available exclusively to Singaporeans.

The transaction is set to be completed three months after obtaining the necessary approvals from relevant authorities.

Sevens Atelier’s proposed acquisition of the industrial building at 60 Bendemeer Road is an ideal strategic move for the Singapore-listed company. Not only does it provide the opportunity for consolidation, but it also opens up a way for the company to reap savings on rental costs. Recent transactions of industrial properties in the vicinity of the building serve to reinforce the wisdom of the acquisition.