Read related article: Real estate investment sales are off to a slow start in 2023 due to market uncertainty
Zhaolim Building, a six-storey industrial structure with high-spec specifications situated at the 115th floor of Eunos Avenue 3, is being offered for sale at the price of a guideline at $60 million.
The property is situated on an 83,071 sq feet parcel of land. It has an area of gross floor (GFA) of 207,678 sq feet. The property has 60-year lease that runs at the beginning of February January 1980. Therefore it has approximately 17 years remaining to the lease.
Renovated in 2015, the building features high ceilings and plenty of natural light in the words of Cushman & Wakefield, which is marketing the property. The floors feature big and standard floor plates that have a typical floorplate of around 43,000 square feet and a floor-to-ceiling average of 7m. The building features massive cargo and passenger lifts, as well as the childcare center and an outdoor garden located at level 2.
The building is in the walking distance of Paya Lebar MRT Station, which serves as an interchange between trains on the East-West as well as the Circle Lines. It is also easily connected via both the Pan Island Expressway and Kallang-Paya Lebar Expressway. There are numerous amenities nearby, including an NTUC supermarket as well as shopping malls such as PLQ Mall, Singpost Centre and Tanjong Katong Complex.
The building, which is located within the lively Paya Lebar Central commercial hub is a promising business opportunity for businesses from the communications and electronics healthcare, information and technology media, and lifestyle industries, according to Brenda Ong, executive director of industrial and logistics for Cushman & Wakefield.
“Given the limited supply of high-quality buildings that are located in the city’s fringe, Zhaolim Building stands out as a good choice,” she adds.
The auction for the property will be completed by way of an exercise of expressions of interest which will close on June 21 at 3pm.