S$8m property will have a showroom and warehouse.
In a disclosure to the Singapore Exchange, Hafary Holdings said have entered into a binding memorandum of understanding on a proposed acquisition of 18 Sungkei Kadut Street 2, Sungei Kadut Industrial Estate, Singapore 729236 from Sitra Holdings (international) Limited.
A portion of the property is expected to be used as warehousing facility for the Group's surfacing and furnishing products to support its showroom to be located in the property, said Hafary Holdings.
The acquired property is a leasehold property with a leasehold interest granted by the Jurong Town Corporation to Sitra Holdings for a term of 16 years commencing on 1 March 2009 and expiring on 28 February 2025. The property is within the International Furniture Park in Sungei Kadut.
Singapore that is designated for redevelopment as an international furniture hub.
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