International property consultant, Colliers International has been appointed by Fragrance Biz Space Pte Ltd, a wholly-owned subsidiary of Fragrance Group Limited, to sell by Expression of Interest, a brand new seven-storey B1 industrial building located at 110 Lorong 23 Geylang, close to Aljunied MRT station.
Interested parties are invited to submit their offer to Colliers International by 26 February 2015, at 2 pm.
The seven-storey, fully ramp-up development is built on a 67,944 sq ft site which has a 60-year leasehold tenure and is zoned for “Business 1” use. It has dual road frontages, being located at the junction of Sims Drive and Aljunied Road.
The total provisional strata floor area, including air conditioner ledge and void space, is approximately 237,000 sq ft.
Units in the development enjoy direct vehicular access and they have a loading capacity of up to 7.5 kN per sq m. There are ample car park lots, as well as two goods and three passenger lifts and a canteen on the second storey.
Recreational facilities can be found on the rooftop level – including an outdoor tennis court, fitness station area and yoga deck, a swimming pool, a gymnastic room, sauna and steam rooms, and BBQ area, among others.
The expected date of Temporary Occupation Permit is in 1Q 2015.
Mr Tan Boon Leong (陈文龙) ，Executive Director of Industrial Services | Project & Sales at Colliers International, says, “The indicative price for the entire development is S$115 million.
This development is an attractive investment opportunity for institutional investors, as it sits on a 60-year leasehold site, which is hard to come by these days. This is because all industrial sites offered in the Government Land Sales programme have a much shorter leasehold tenure of 20 years, or at most, 30 years.”
Mr Tan continues, “Additionally, well-located developments with good quality attributes are always in demand. The ample car parking lots and the recreational elements in this new development will appeal to industrialists who place emphasis on convenient access to amenities.
With its dual road frontages at the junction of Sims Drive and Aljunied Road, the subject development is strategically visible and is easily accessible by the nearby Aljunied MRT station, as well as major link roads and expressways such as Geylang Road, Sims Avenue, Kallang Paya Lebar Expressway and Pan-Island Expressway.”
The subject development is located close to the mature Geylang East housing estate, where there is a ready pool of available workforce. It is also near to Kallang and Paya Lebar, both of which are slated for development into commercial hubs. Amenities can also be found at the Sims Vista market and food centre. Other developments in the vicinity include the Atrix, Arcsphere, Aljunied Industrial Estate, Gemini@Sims, Shun Li Industrial Complex, LHK Building and the Kallang Distripark, among others.