Singapore

Global Sources signs agreement to acquire Singapore property

Global Sources has signed an agreement to purchase one floor of office space property in Singapore, together with roof top accessory lots, for its operational use.

Global Sources' executive chairman Merle A Hinrich says: "The agreement to purchase this property in Singapore enables us to secure prime office space for Global Sources' continued and uninterrupted operational use, and reduces our exposure to potential rental increases as we are currently operating at these premises under a lease. We believe this transaction also represents a good long-term investment for the company, as it is a free-hold property that is not subject to the limitations of a finite lease term and the Singapore Dollar (SGD) remains a relatively stable currency."
 
Global Sources has agreed to purchase the eighth floor of No1 Sims Lane, Singapore, with a total gross floor area of approximately 22,496.50 square feet, together with appurtenant roof top accessory lots above the eighth floor, for a total consideration of approximately USD13.1m.
 
The transaction is expected to be completed in February 2014, pending customary closing conditions.
 
Global Sources has paid a deposit equivalent to 10 per cent of the total purchase consideration, and the remaining 90 per cent of the total purchase consideration is payable upon the completion of the transaction.

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