Property developer Fragrance Group is selling an industrial building in Geylang.
Its wholly-owned subsidiary, Fragrance Biz Space, wants around $115 million for the new seven-storey building at 110 Lorong 23 Geylang, close to Aljunied MRT station.
The block, which is nearing completion, has a 60-year leasehold tenure and sits on a 67,944 sq ft site with dual road frontages as it is at the junction of Sims Drive and Aljunied Road.
It has a total provisional strata floor area of 237,000 sq ft and is zoned for “Business 1” use, meaning that light and clean industry or warehouse uses are allowed.
The building also has recreational amenities on the roof, including a swimming pool, a tennis csourt and a barbecue area.
The temporary occupation permit is expected this quarter.
Property consultant Colliers International is the sales agent. Offers close on Feb 26.
Mr Tan Boon Leong, Colliers’ executive director of industrial services, said the relatively longer lease of 60 years makes it an attractive investment for institutional investors.
“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,” he added.
Other developments in the vicinity include the Atrix, Arcsphere, Aljunied Industrial Estate, Gemini@Sims, Shun Li Industrial Complex, LHK Building and Kallang Distripark.