reporter2
30-04-15, 17:16
http://www.businesstimes.com.sg/real-estate/scorpio-east-building-on-tai-seng-avenue-put-up-for-sale
Scorpio East building on Tai Seng Avenue put up for sale
By Prisca Ang
[email protected]
23 Apr
A SEVEN-STOREY industrial building situated at 25 Tai Seng Avenue has been put up for sale by expression of interest.
The building, Scorpio East, has an indicative price of S$30 million. Standing on a 27,000 square feet site which currently has a balance lease of 51 years, the building has total gross floor area of approximately 68,000 sq ft.
Scorpio East is currently used for media production and office operations. It is home to a 38-seat theatre and exhibition area in the first storey, as well as a production studio on the seventh level.
The development, which has been put up for sale by Colliers International, is being sold by its current owner KOP Limited, formerly known as Scorpio East Holdings.
BT understands that the property and entertainment firm is divesting the building as it no longer fits its current business needs. It is hoping that the capital from the divestment can be put to use in its business expansion.
Located along Tai Seng Avenue, off Upper Paya Lebar Road and Airport Road, the building is within walking distance of Tai Seng MRT station.
It is also close to the Kallang Paya-Lebar Expressway and Pan-Island Expressway. Landmarks such as the Natural Cool Lifestyle Hub, Charles & Keith Building, BreadTalk Corporate Building and Sakae Building can also be found in the area.
"The development will appeal to end users from the media and film, lifestyle and light industries - in particular, companies who can leverage the existing theatrette, exhibition area and production studio," said Tan Boon Leong, executive director of industrial services at Colliers.
Mr Tan added that the building presents a "unique opportunity" for corporate end-users to purchase a well-maintained development within Paya Lebar iPark, which has been increasingly popular with small and medium-sized companies in recent years.
"The once-mature industrial estate has since transformed into a bustling area with several well-known local brands setting up their headquarters there."
Past transactions in the vicinity include Jackson Design Hub that was sold for S$31.5 million in 2014 and Nobel Design for S$59.25 million in 2012. Fifty-eight of the sixty-one units at UE Print Media Hub were also sold for S$51 million in 2011.
The deadline for the submission of offers is 3 pm on May 21.
Scorpio East building on Tai Seng Avenue put up for sale
By Prisca Ang
[email protected]
23 Apr
A SEVEN-STOREY industrial building situated at 25 Tai Seng Avenue has been put up for sale by expression of interest.
The building, Scorpio East, has an indicative price of S$30 million. Standing on a 27,000 square feet site which currently has a balance lease of 51 years, the building has total gross floor area of approximately 68,000 sq ft.
Scorpio East is currently used for media production and office operations. It is home to a 38-seat theatre and exhibition area in the first storey, as well as a production studio on the seventh level.
The development, which has been put up for sale by Colliers International, is being sold by its current owner KOP Limited, formerly known as Scorpio East Holdings.
BT understands that the property and entertainment firm is divesting the building as it no longer fits its current business needs. It is hoping that the capital from the divestment can be put to use in its business expansion.
Located along Tai Seng Avenue, off Upper Paya Lebar Road and Airport Road, the building is within walking distance of Tai Seng MRT station.
It is also close to the Kallang Paya-Lebar Expressway and Pan-Island Expressway. Landmarks such as the Natural Cool Lifestyle Hub, Charles & Keith Building, BreadTalk Corporate Building and Sakae Building can also be found in the area.
"The development will appeal to end users from the media and film, lifestyle and light industries - in particular, companies who can leverage the existing theatrette, exhibition area and production studio," said Tan Boon Leong, executive director of industrial services at Colliers.
Mr Tan added that the building presents a "unique opportunity" for corporate end-users to purchase a well-maintained development within Paya Lebar iPark, which has been increasingly popular with small and medium-sized companies in recent years.
"The once-mature industrial estate has since transformed into a bustling area with several well-known local brands setting up their headquarters there."
Past transactions in the vicinity include Jackson Design Hub that was sold for S$31.5 million in 2014 and Nobel Design for S$59.25 million in 2012. Fifty-eight of the sixty-one units at UE Print Media Hub were also sold for S$51 million in 2011.
The deadline for the submission of offers is 3 pm on May 21.