Sanli Environmental Limited announced that it has completed its acquisition of 22 Chin Bee Drive, Singapore 619870 for SGC 13.8 million from Perpetual (Asia) Limited (in its capacity as trustee of ESR-LOGOS REIT). The Property is a 4-storey height single user factory with a 6-storey ancillary office and a 5-storey annex building with a workers' dormitory. The Property, with a total gross floor area of approximately 120,653 square feet, has a remaining 12 years on its lease from Jurong Town Corporation which expires on 15 September 2035.

The Company has plans to seek an extension of the Property's lease at the appropriate juncture. Through the Acquisition, the Group aims to streamline its corporate office and workshops, while also providing a centralised accommodation solution for its foreign workforce. A significant challenge in recruiting foreign workers in Singapore has been the limited availability of dormitory spaces.

With the Property equipped to house up to 270 foreign workers, the Group is now well- positioned to effectively address the dormitory shortage that previously hampered its operations. The Company's operations and maintenance workshop and its magnesium hydroxide slurry manufacturing operation under its wholly owned subsidiary Mag Chemical Pte. Ltd., will both be consolidated at the new location.

The consolidation of operations at the Property will thus enhance the management's oversight of all the business units of the Group, increase operational efficiencies, lower the overall operating costs and reduce its reliance on the dormitory facilities provided by third parties. Following the Acquisition exercise, the Company will be disposing of its leasehold properties at 15 Kian Teck Drive, Singapore 628832 and 28 Kian Teck Drive, Singapore 628845 for SGD 3.0 million and SGD 4.95 million respectively.