A chemical logistics facility in Jurong Island has been sold at $227.5 million.

The property occupies a land area of 464,385 sq ft at 121 Banyan Drive and comprises a six-storey ramp-up warehouse with offices, two blocks of single-storey warehouse and an open yard. The total gross floor area (GFA) is about 707,881 sq ft.

The premises will be sold to a private real estate fund and leased back on a 10-year term to LTH Logistics, a subsidiary of Vibrant Group Ltd, which handles chemical logistics and distribution. The sale was brokered by CBRE.