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Scorpio East, an industrial building located at 25 Tai Seng Avenue have been put up for sale by Expression of Interest (EOI) by property consultancy Colliers International.
In a press release on Wednesday (22 April), Colliers said the seven-storey industrial building sits on a 27,000 sq ft site that has remaining lease tenure of 51 years.
Currently used for media production and office operation, the property offers a total gross floor area of approximately 68,000 sq ft. It features a 38-seat theatre and exhibition area on the first storey, and a production studio on the seventh storey.
According to Colliers, the development is expected to “appeal to end-users from the media and film, lifestyle and light industries.”
“This is a unique opportunity for corporate end users to purchase a well-maintained development within iPark, which is gaining popularity with small- and medium-sized companies in recent years,” said Tan Boon Leong, Executive Director of Industrial Services (Project & Sales) at Colliers.
He also described how the once-mature industrial estate has since transformed into a bustling area with several well-known local brands setting up their headquarters there.
Colliers said the most recent transaction in the vicinity was the sale of Jackson Design Hub in 2014, which transacted at S$31.5 million.
Located along Tai Seng Avenue, off Upper Paya Lebar Road and Airport Road, Scorpio East building is within a short walking distance to Tai Seng MRT station and is accessible via major expressways including the Pan Island Expressway and the Kallang-Paya Lebar Expressway.
The EOI exercise will close on 31 May at 3pm.
Image: Scorpio East building. (Source: Colliers International)
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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