Lian Beng consortium led by Singapore-listed construction buys BreadTalk HQ for $118 mil

A consortium headed by Singapore-listed building and land development firm Lian Beng Group, announced that it has entered into a put and call option agreement to buy the BreadTalk HQ Building for $118 million.

The site has a building height restriction of 36 storeys and is expected to yield approximately 445 residential units. Register interest for official Irwell Hill Residences floor plan.

Lian Beng retains a 75% stake in the consortium, together with Apricot Capital, the investment arm of Super Group’s Teo household, carrying a 20% stake.

The BreadTalk HQ Building is a 10-storey, single-user industrial growth with retail part on the initial degree, situated in 30 Tai Seng Street. The building has a gross floor space of approximately 248,902 sq feet, for instance, retail components.

The building was created by award-winning neighborhood architect Tan Kay Ngee, also functions chiefly as BreadTalk Group’s international headquarters, home its flagship retail manufacturers, company offices, warehouse areas in addition to evaluation and fundamental kitchens. You will find other third-party tenants one of the occupants in the construction.

The land sits on a bit of land using a 30-year lease beginning from Feb 1, 2010, with an choice to extend for a further 30 decades.

BreadTalk Group has committed to lease back the home within an anchor tenant for the initial lease period of 10 decades, with an option to buy back the home at the close of the lease; or to extend the lease for a further five years in the prevailing market rent.

“We’re very happy to kick off 2021 by incorporating an appealing house to our investment portfolio,” remarked Ong Pang Aik, chairman and managing director of Lian Beng Group. “The acquisition will expand our investment footprint in commercial property and help diversify our land portfolio” He expects that the property to yield optimistic rental yields, along with possible capital appreciation over the long run.

Meanwhile, George Quek, BreakTalk Group’s chairman and group CEO, claims that the trade is part of”our funding re-allocation plan towards a more asset-light version because we continue to concentrate on our heart F&B company”.

In late December, BreadTalk’s subsidiary, Envision Properties, divested its own shophouse in Lorong Mambong for $17.2 million into Cheong Sim Lam.