The property, which has a book value of $73.4 million, has a total frontage of 110-metre along three roads: Lavender Street, Foch Road and Tyrwhitt Road.
“The group is of the view that a centrally located large-format flagship store would allow the group to showcase a wider range of its products in a more accessible and convenient location, in order for the group to better service the needs of its retail customers in Singapore,” says Hafary, which sells floor tiles and other building materials.
Hafary will pay for the acquisition with a combination of bank borrowings and internal resources.
Hafary last traded at 19 cents, which gives it a market value of $80.5 million.
