Reebonz Building sold for S$39 million to entity held by Tan family of Sunray Woodcraft Construction

Citi Commercial Pte Ltd

THE Tampines North building that served as the headquarters of online luxury marketplace Reebonz has been sold for S$39 million.

The company went into creditors’ voluntary liquidation nearly two years ago

The buyer of the eight-storey ramp-up building is a Singapore company incorporated in May and controlled by the Tan family behind Sunray Woodcraft Construction. Set up in 1987 as a carpentry trade business, Sunray has expanded to become one of Singapore’s biggest interior fit-out, addition and alteration works specialists. The company’s headquarters is at the Sunray Building at 9 Sungei Kadut Street 3; it also has offices in Malaysia, Indonesia and China, according to its website.

Through Sunray Group Holdings, the Tan family also owns SWC Builders & Engineering, which has a General Builder licence (Class 1) from the Building and Construction Authority. This allows it to undertake projects of any value.

Reebonz Building, at 5 Tampines North Drive 5, is on a site with 30-year leasehold tenure starting Dec 1, 2014, leaving a balance lease term of about 21 years and three months. The building has a total gross floor area of about 215,255 square feet (sq ft), in line with the 2.5 plot ratio for the 86,111 sq ft site under the Urban Redevelopment Authority’s Master Plan 2019. The site is zoned Business 1, allowing light and clean industrial use.

The property has warehousing and production spaces, ancillary offices and car-parking facilities. It also houses an industrial canteen and a childcare centre, said a news release issued by JLL in April 2022 when it was the exclusive marketing agent for the property. The property consulting group conducted a tender for the property that closed in May 2022.

Reebonz Building, with a prominent frontage along Tampines Avenue 11, was completed around 2016.

In 2017, Reebonz opened the US$29 million headquarters and e-commerce hub for its operations and warehousing and distribution facilities, according to a report in The Straits Times in 2021.

The property, Reebonz’s key asset, had been mortgaged and receivers were appointed for its sale. UOB had registered charges on the company’s monies in 2014 and 2019, a Handshakes search showed.

In September 2021, Reebonz appointed a provisional liquidator to wind up the company as it buckled under liabilities of about S$65 million.

The company was founded in 2009. It was delisted from Nasdaq in 2020, some 17 months after it listed on the US stock exchange, as it failed to maintain a minimum share price of US$1 for more than 30 days.

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