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Charles & Keith Group is acquiring an industrial building located right next to its headquarters in Tai Seng Link to support its expansion plans, reported the Business Times.
The footwear, bag and accessories maker is buying 8 Tai Seng Link from Marvell Asia for $60 million, with CBRE brokering the sale.
“In addition to the current group headquarters at 6 Tai Seng Link, the acquired property will make space for our growing workforce. It will create opportunities for us to strengthen our e-commerce and supply chain capabilities,” said a spokeswoman for the group.
Situated on a 107,595 sq ft site, the seven-storey light industrial building comprises a gross floor area of about 268,000 sq ft and a multi-storey carpark annexe with 200 parking lots. The property has a 60-year leasehold tenure that started in September 2006.
Meanwhile, the group’s existing headquarters sits on a 67,780 sq ft site. The eight-storey building comes with a 30-year leasehold tenure that started in February 2008.
The nearby 21 Tai Seng Street is also owned by the group. Leased to Malaysia-based retail and lifestyle company Valiram Group, the property sits on a 26,910 sq ft site and has 17 years left on its lease.
Under the 2014 Master Plan, all three sites are zoned for Business 2 use with a plot ratio of 2.5.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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