Lee Rubber sells Lavender shophouse block
Broadway Textile pays S$55.6m for the 11 shophouses on 99-year tenure; Outram shophouses also on the market
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Kalpana Rashiwala
Singapore
LEE Rubber Company is selling a stand-alone block of 11 adjoining conservation shophouses in Lavender Street for nearly S$55.56 million.
A fully-owned unit of Lee Rubber that owns the freehold interest in the property will carve out a 99-year leasehold interest for the buyer, Broadway Textile. Broadway is located at Textile Centre along Jalan Sultan nearby and is understood to have a part occupation/part investment strategy for its Lavender Street purchase. The company's management could not be reached for comment on Friday.
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