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Serial System buys two office units in Beijing for 29.6m yuan

SERIAL System said on Thursday its 91 per cent owned subsidiary Serial Microelectronics (Beijing) has entered into a sale and purchase agreement to buy two commercial office units with a total floor area of about 1,216.45 square metres in Beijing for 29.6 million yuan (S$6.2 million).

The office units will serve as the group's key operational headquarters for North China, Serial System said in a regulatory filing with Singapore Exchange.

It added that the acquisition would reduce the group's exposure to rental hikes arising from increases in market rental rates - which in turn would contribute to an increase in the group's operating costs.

Located in Changping District, the two office units are at 901, 902, Floor 9, Boya C-Center Building 11, Life Science park, Beiqing Road.

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The remaining unexpired leasehold term of the Beijing property is about 42 years. It was valued at 30.4 million yuan as at March 3, 2016.

Serial System is buying the units from Beijing Wan Shun Da Real Estate Development Company.