The Scorpio East building at 25 Tai Seng Avenue has been put up for sale by Expression of Interest by property consultant Colliers International.
The seven-storey industrial building within Paya Lebar iPark sits on a 27,000 sq ft site that presently has a balance lease of 51 years, Colliers International said in a press release on Wednesday (Apr 22).
With a total gross floor area of approximately 68,000 sq ft, the property is currently used for media production and office operations. Colliers International said there is a 38-seat theatre and exhibition area on the first storey, and a production studio on the seventh storey.
Mr Tan Boon Leong, executive director of Industrial Services (Project & Sales) at Colliers International, expects the development to appeal to “end users from the media and film, lifestyle and light industries; in particular, companies who can leverage” on the existing facilities, which he described as “well maintained”.
He said: “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.”
Mr Tan also described how the once-mature industrial estate has transformed into a bustling area where the headquarters of several well-known local brands are located.
The most recent transaction in the vicinity was the Jackson Design Hub, which was sold for S$31.5 million in 2014.
The Scorpio East building is within a short walking distance of Tai Seng MRT Station and is accessible via major expressways including the Kallang-Paya Lebar Expressway and the Pan-Island Expressway.
Interested parties can submit their offer to Colliers International by May 21 at 3pm.
Source : Channel NewsAsia – 22 Apr 2015