Hafary Holdings has exercised the option to purchase (OTP) of 161 Lavender Street, Lavender Place Singapore 338750 at purchase price of S$71.28 million.
The purchase price was arrived based on arm’s length negotiations between the parties after taking into account prevailing market conditions and the transaction prices for other comparable transactions in Singapore.
Hafary has paid a deposit of S$3,564,000 including 1% option fee and 4% exercise fee. The remaining 95% shall be paid on the completion date.
The Property has a land size of 17,561 sqft and gross floor area (GFA) of approximately 45,212 sqft.
The Property enjoys a triple road frontage along Lavender Street, Tyrwhitt Road and Foch Road. Hence, it gives Hafary a potential signage and naming rights.
Lavender Place comprises a row of 11 conservation shophouses with 4-storey rear extension and 10 covered car parking lots. It is a short walking distance to Bendemeer MRT station and a 10-minute drive to the Central Business District (CBD).
Some of the existing tenants for 161 Lavender Street include Apartment Coffee and Glacier. It remains to be seen if Hafary will compensate them for early termination of the lease agreement.
Hafary plans to establish a new flagship store at the Lavender Place to showcase a wider range of its products. The convenient location can better service the needs of its retail customers in Singapore.