The Catalist-listed company stated that its subsidiary Sevens Creation has been granted permission to buy the property

Check this post: The Continuum: Two freehold parcels and one condo in District 15

A building for industrial use on 60 Bendemeer Road is being purchased by Singapore-listed company Sevens Atelier. In a statement filed with Singapore Exchange on May 2, Singapore Exchange on May 2 the Catalist-listed company has announced that its 100%-owned subsidiary Sevens Creation (SC) has been given the option to buy the property. The company will have until May 23 to take advantage of the option.

The property is an 99-year leasehold one-storey property. It covers an overall area of around 4,402 sq ft and an remaining lease of around 40 years, 10 months. It is classified as “light industrial use” according to URA. URA as of the moment. It is being used by the seller Olympia Engineering. The vendor is expected to leave the property at the time of sale.

Olympia Engineering is a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore.

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 deliberate move to consolidate all of its business operations into one place to make savings on the rent in its current showroom and office. Sevens Atelier plans to remodel the property to accommodate its showroom and the administrative team.

The deal is expected to be completed within three months of receiving the required approvals from the relevant authorities.