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Mainboard-listed Fragrance Group’s Fragrance Biz Space is putting up a brand-new seven-storey industrial building at 110 Lorong 23 Geylang for sale by expression of interest (EOI), marketing agent Colliers announced Wednesday, 7 January.
The indicative price for the building is S$115 million.
The fully-ramped up development zoned for “Business 1” use is built on a 67,944 sq ft site which has a 60-year leasehold tenure and total provisional strata floor area, including air conditioner ledge and void space, is approximately 237,000 sq ft. It has dual road frontages, being located at the junction of Sims Drive and Aljunied Road.
“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,” Tan Boon Leong, Executive Director of Industrial Services | Project & Sales at Colliers International said, adding that the development is an attractive investment opportunity for institutional investors because of its site’s lease tenure of 60 years compared with sites offered in the Government Land Sales programme that have leasehold tenure of 20 years, or at most, 30 years.
The development is expected to obtain Temporary Occupation Permit (TOP) in Q1 this year.
The EOI exercise will close on 26 February 2015.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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