Reebonz Building put on the market for undisclosed sum

THE building which served as Reebonz's headquarters has been put on the market for an undisclosed amount. The move comes about half a year since the troubled luxury marketplace went into creditors' voluntary liquidation.

JLL is the exclusive marketing agent for the sale of Reebonz Building, located at 5 Tampines North Drive 5. The tender will close at 12 pm on May 5, it said in a press statement on Tuesday (Apr 5).

The 8-storey ramp-up building has an ancillary office, warehousing and production spaces, and car-parking facilities. It also houses an approved industrial canteen and a childcare centre.

Completed in 2016 with a prominent frontage along Tampines Ave 11, the Reebonz Building has a total gross floor area of approximately 215,255 square feet (sq ft).

It sits on a land plot spanning about 86,111 sq ft with a remaining tenure of about 22 years. The site is also zoned "Business 1" for light and clean industrial use under the Master Plan 2019 and has a plot ratio of 2.5.

On the building's specifications, JLL Singapore's senior director of capital markets Nicholas Ng noted that the built-up has an "excellent configured area" with a large floor plate, a high ceiling of about 4.5 to 8 metres and floor loadings of 2.5 to 15 kilonewton per square metre. This allows the user to easily optimise the space.

JLL Singapore head of logistics and industrial capital markets Pamela Siow said the property would benefit end-users needing a place to move into and future expansion.

In October last year, The Straits Times reported that Reebonz Building would be put on the market after the asset was mortgaged to a bank and receivers were appointed for its sale.

Reebonz had used the first, second and seventh storeys of the buildings, while other floors are occupied by tenants such as supply chain solutions firm Vallen Singapore and logistics company J&T Express.

The luxury marketplace had made headlines for owing seller payments and later appointed a provisional liquidator to wind up the company as it buckled under liabilities estimated to be about S$65 million.

The startup was reported to have owed more than S$30,000 to 11 sellers on its platform as at Aug 26, 2021, according to complaints lodged with the Consumers Association of Singapore.

READ MORE:

• Luxury marketplace Reebonz in creditors' voluntary liquidation
• Reebonz opens new facility to boost operations