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Travelite pays for option to buy planned HQ building for S$19.3m
TRAVELITE Holdings has paid S$192,750 to gain an option to buy an industrial building at 53 Ubi Ave 3 for S$19.3 million from Colourscan Co.
The option is to be exercised within 71 days from Aug 8. Travelite will pay for the building with internal funds and bank borrowings.
The property is a four-storey single-user industrial building with a gross floor area of about 12,127 square metres and a leasehold tenure of 60 years from July 1, 1996.
Travelite, a luggage seller, plans to consolidate and expand its corporate headquarters and move its multiple business units into the same building.
Assuming that the property was acquired on March 31, 2016, Travelite's borrowings would have been 0.73 time shareholders' funds as at that date.