Nordic Group said wholly-owned subsidiary, Nordic Flow Control Pte Ltd, has agreed to acquire a property at 5 Kwong Min Road from HSR Global for $3.5 million.
The property occupies an area of 43,300 sq ft with built up of 28,000 sq ft. The site consists of a mezzanine office building joint to a workshop with the remaining area used for open storage areas and asphalt driveways running along the perimeters of the facility.
The property has a remaining JTC lease of about 11 years ending July 2023.
Nordic Group said the property was purchased to house the company’s operations in Singapore and would reduce dependency on rental of existing leased premises, lowering overhead expenses that would translate into better profitability for the company.
In the long run, the group intends to maximise utilisation of the site by extending the JTC lease and then to redevelop the property to accommodate all subsidiary companies in Singapore at one location.
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