Altura EC is a new executive condo project located in a strategic area. Set to launch Altura EC in Q2 2023, it will offer a more affordable living option than private condominiums, making it attractive to first-time buyers and HDB upgraders. Current psf price is S$1,300.

Sevens Atelier, a Singapore-listed company, has been granted the option to purchase an industrial building located at 60 Bendemeer Road. The property has a 99-year leasehold and a total land area of 4,402 sq ft with a remaining lease of 40 years and 10 months. It is zoned for “light industrial usage” by the URA and is currently occupied by the vendor Olympia Engineering.

The consideration for the property of $4.15 million was agreed upon through a willing-buyer-willing-seller basis, where an indicative valuation from a Singapore-based bank for similar properties within the vicinity was taken into account.

Sevens Atelier’s acquisition of the property is seen as a strategic move to consolidate all its operations under one roof and achieve savings on rental costs on its current office and showroom space. Upon obtaining the necessary approvals from relevant authorities, the group intends to rebuild the property to house its showroom and administrative operations team.

Olympia Engineering, the vendor, is a Singapore-incorporated entity that deals with the trading and exporting of ISUZU automotive spare parts in Singapore. They have agreed to vacate the property upon the completion of the sale.

Sevens Atelier have until May 23 to exercise the option to purchase the property and the transaction is expected to be completed three months after.

Recent transactions of industrial properties near 60 Bendemeer Road suggest that Sevens Atelier’s decision to purchase is prudent.

The acquisition of the property will not only save them from rental costs but also enable the company to consolidate all its operations under one roof. With an indicative valuation for similar surrounding properties taken into mind and the agreed upon consideration of $4.15 million, this acquisition looks to be beneficial for Sevens Atelier.