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KINGSMEN Creatives Ltd said the company has on Monday accepted an offer from JTC Corporation to acquire about 5,251 sq m of vacant leasehold land located at Changi Business Park for a cash consideration of S$7.07 million.
The group plans to construct a multi-storey building on the property which will serve as its new headquarters. Currently, the headquarters of the group are located in rented premises at 3 Changi South Lane.
"Owing to anticipated future expansion of the group's operations, the group will require additional space to accommodate the expansion," Kingsmen explained.
"The acquisition of the property and the construction of the new building will enable the group to better plan and manage the expansion of its operations and remove the rental pressure as it expands its operations," it added.
The acquisition and cost of construction will be funded through internal resources and bank borrowings.
This is not expected to have any material financial impact on the earnings per share and net tangible assets per share of the group for the current financial year ending Dec 31, 2015.