Sevens Atelier, a Singapore-listed company, is currently acquiring an industrial building located at 60 Bendemeer Road. An announcement was filed with the Singapore Exchange on May 2nd where Sevens Creation (SC), a wholly-owned subsidiary of the company, was granted the option to purchase the property until May 23rd.

The 99-year leasehold, single-storey building has a total land area of 4,402 sq ft, with a remaining lease of 40 years and 10 months. Zoned by URA as “light industrial usage”, the property is currently occupied by the vendor Olympia Engineering. It is a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore.

JCUBE, located in Jurong East, is set to make way for redevelopment of a 40-storey mixed-use condominium and commercial development, JCube Condo Residence, which is estimated JCube Residence to launch in 2023. The move is part of the government’s plans for the Jurong Lake District.

The consideration of $4.15 million for the property was derived from a willing-buyer-willing-seller basis taking into account an indicative valuation from a Singapore-based bank for similar properties within the vicinity.

This move is a strategic attempt for Sevens Atelier to consolidate all its operations under one roof, cutting down on rental costs from its office and showroom, and rebuild the property to house its showroom and administrative operations team.

The completion of this transaction is expected to take three months after obtaining the necessary approvals from relevant authorities.