Charles & Keith Group, one of the leading names in bags, footwear and accessories manufacturing is acquiring an industrial building to meet its business expansion plans.
The building is located close to its Tai Seng Link headquarters which shall serve as an added incentive.
It is being reported that that the group is buying 8 Tai Seng Link from Marvell Asia for S$60 million.
The building belonged to US based semi-conductor giant Marvell Technology Group’s regional subsidiary and was opened in 2008. Marvell Asia had shifted to a leased building 3 Irving Road near Tai Seng Centre in the early months of 2018.
Charles & Keith Group which has its headquarters in Singapore is the name behind two popular fashion labels Pedro and Charles & Keith.
An official spokesperson of the company said that the building had been acquired to accommodate their growing workforce hired to expand the business.
The spokesperson added that along with their 6 Tai Seng Link headquarter, the new site will allow the company to reinforce its supply chain and e-commerce capabilities.
The Charles & Keith group which was established in 1996 has grown phenomenally over the last two decades and runs 600 stores in 37 different countries.
They overcame the traditional brick-and-mortar hurdle with their e-commerce arm that presently delivers at 55 destinations in different corners of the globe.
Apart from operating its own Charles & Keith stores in Singapore the Group also operates in Japan, China, South Korea, Taiwan and Hong Kong.
Along with this the Group has also expanded via the franchise model in Thailand, United Arab Emirates, Malaysia, Indonesia and Philippines.
It has also made inroads into United Kingdom with a local ecommerce store last year which is fuelling its growth in in this new market.
The deal for 8 Tai Seng Link had been brokered by CBRE. The site has a 7-storey light industrial building that is fitted with central air-conditioning system.
The building has 268,000 square feet gross floor area along with a multi-storey car parking annexure accommodating around 200 cars.
The commercial property has an area of 107,595 square feet with 60-year lease tenure of which 48 years of the tenure remains.
Charles & Keith Group’s 8-storey headquarters at 6 Tai Seng Link is a 30-year leasehold property and 19 years of lease tenure remains for the property. It has total area of 67,780 sq ft.
Apart from this the group also owns another property 21 Tai Seng Street that has been leased to Malaysia-based Valiram Group. That property has a 30 year lease tenure of which 17 years remain. The site encompasses total area of 26,910 sq ft.
The three properties owned by Charles & Keith Group have been zoned for Business 2 Use as per the 2014 Master Plan created by URA (Urban Redevelopment Authority).
This allows them to run both clean and light industrial activities along with heavy activities which often cause pollution which isn’t permissible in the other type of Business Zone. The sites have plot ratio of 2.5.