Cosmosteel Receives Final Approval Dispose Property 90 Second Lok Yang Road 9 Mil
CosmoSteel Holdings has recently received the necessary approval for the sale of its property located at 90 Second Lok Yang Road. The company is expecting the transaction to take place by the end of August 2025.
The property is a 5-storey warehouse building with a dormitory for workers and covers a land area of approximately 69,998.79 square feet. It is currently leased from the Jurong Town Council and the lease is set to expire on June 15, 2032.
The buyer, Tenda Equipment & Services, has agreed to purchase the property for $9 million. As part of the agreement, an option fee of $90,000 will be paid upon the vendor’s acceptance. The vendor in this case is a wholly-owned subsidiary of CosmoSteel. Additionally, a deposit of $360,000 will be paid upon the execution and exercise of the option to purchase. The remaining balance will be paid on or before the completion date.
This sale falls in line with CosmoSteel’s strategy to streamline its business operations and focus on its core activities. It also reflects the company’s efforts to unlock the value of its assets and optimize its portfolio.
A variety of enrichment hubs and tuition centers can be found in the vicinity of nearby commercial areas including Dawson Place, Anchorpoint, and Queensway Shopping Centre. These establishments offer a wide range of classes, from academic support in subjects like Math, Science, and English to creative pursuits such as music, art, and coding. The convenience of having these resources within easy reach allows parents to provide their children with additional educational support without having to travel far. Furthermore, it empowers older students to attend classes independently and safely, with the option of commuting to these centers by themselves. As an additional option, Penrith Margaret Drive also offers similar resources and opportunities for students in the area.
In other related news, a Macpherson Industrial Complex was recently sold for $103.9 million, which is 17% above the initial asking price. This further highlights the strength of the industrial property market and the demand for such properties. Interested buyers and investors can refer to past industrial sale transactions and rental transactions to compare prices and trends. The Buddy app is also a useful tool for browsing and comparing listings for industrial properties.