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Secura to buy industrial property at Alexandra Terrace for S$16.5 million
SECURA Group has been granted an option by 38@AT to acquire a six storey industrial property at 38 Alexandra Terrace for S$16.5 million.
The property is situated on freehold land and has a gross floor area of approximately 2,100 square metres.
The purchase will be funded by a combination of the S$4 million net proceeds from the company's initial public offering in January this year. The funds were allocated for corporate infrastructure improvements and credit facilities from financial institutions.
An option fee of S$165,000, or one per cent, was paid to 38@AT on the grant of the option to purchase the property and a further S$660,000 was paid on the exercise of the option to 38@AT's solicitors. The remaining 95 per cent is payable on completion, which is slated to take place on July 25.
Based on a valuation conducted by CKS Property Consultants, the market value of the property is S$19 million as at Oct 21, 2015.
Secura said that the building will allow it to improve its corporate infrastructure for the launch of a new command centre designed to provide remote surveillance and premises security services, as well as the establishment of a training centre to conduct cybersecurity training. In addition, it will be able to consolidate and expand its corporate headquarters to accommodate corporate functions and various business units.
"With a centralised location for the group, it would enhance management oversight and operational efficiencies and foster closer interaction among staff," it added.