Cosmosteel Receives Final Approval Dispose Property 90 Second Lok Yang Road 9 Mil
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CosmoSteel Holdings has recently announced that it has received final approval for the disposal of its property located at 90 Second Lok Yang Road. The company expects the sale to be completed by the end of August in 2025.
The property in question is a 5-storey warehouse building with an ancillary workers’ dormitory, occupying approximately 69,998.79 sq ft of land. It is currently being leased from Jurong Town Council and the lease is set to expire on June 15, 2032.
CosmoSteel’s subsidiary, which wholly owns the property, has agreed to a sale consideration of $9 million with the buyer, Tenda Equipment & Services. As a sign of acceptance, an option fee of $90,000 will be paid to the vendor upon completion of the transaction. A deposit of $360,000 will also be paid upon the execution and exercise of the option to purchase, with the remaining balance to be paid on or before the completion date.
This news comes on the heels of the sale of Macpherson Industrial Complex for $103.9 million, which was 17% above the asking price.
According to property experts, the industrial sector has been performing well in recent times, with a steady increase in prices and rental rates. Interested parties can compare the price trends between commercial and industrial properties, as well as view past transaction data and current listings on various online platforms.