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24-09-14, 20:13
http://www.straitstimes.com/archive/tuesday/premium/money/story/paya-lebar-industrial-site-collective-sale-20140923
Paya Lebar industrial site up for collective sale
Published on Sep 23, 2014 1:14 AM
By Rachael Boon
A FREEHOLD industrial site in Paya Lebar is up for collective sale, with a price of more than $550 million expected.
Citimac Industrial Complex at the junction of MacPherson and Paya Lebar roads is one of the few plots near Paya Lebar iPark and the Paya Lebar regional centre that can be redeveloped.
It has two adjoining buildings used for production, warehousing and showroom purposes.
Ms Christina Sim, director of capital markets at marketing agent Cushman & Wakefield, yesterday said the building's multiple owners have given the requisite 80 per cent consent for a collective sale.
The 139,789 sq ft plot is zoned Business 1-White, which means part of the industrial space can be used for shops and offices.
Ms Sim said the site can be used for tech services such as data centres, research and development or as a sales and distribution facility for medical or aviation companies.
The maximum allowable plot ratio of 3.5 under the Urban Redevelopment Authority's masterplan means developers can build up to a gross floor area of around 489,261 sq ft, with about 140,000 sq ft of that allocated to retail and commercial ventures.
Ms Sim noted that the firm is in negotiations for the collective sale of nearby Irving Industrial Building for an estimated $1,000 per sq ft per plot ratio.
Cushman & Wakefield, which expects a good response from local and overseas mid-sized and large developers, said the potential growth of the Paya Lebar commercial hub will interest investors.
Ms Sim said that with the MRT station within walking distance, the MacPherson and Paya Lebar area has seen an "influx of young talent keen to locate there, given the positive change in the landscape and amenities".
The tender closes at 3pm on Oct 30.
[email protected]
Paya Lebar industrial site up for collective sale
Published on Sep 23, 2014 1:14 AM
By Rachael Boon
A FREEHOLD industrial site in Paya Lebar is up for collective sale, with a price of more than $550 million expected.
Citimac Industrial Complex at the junction of MacPherson and Paya Lebar roads is one of the few plots near Paya Lebar iPark and the Paya Lebar regional centre that can be redeveloped.
It has two adjoining buildings used for production, warehousing and showroom purposes.
Ms Christina Sim, director of capital markets at marketing agent Cushman & Wakefield, yesterday said the building's multiple owners have given the requisite 80 per cent consent for a collective sale.
The 139,789 sq ft plot is zoned Business 1-White, which means part of the industrial space can be used for shops and offices.
Ms Sim said the site can be used for tech services such as data centres, research and development or as a sales and distribution facility for medical or aviation companies.
The maximum allowable plot ratio of 3.5 under the Urban Redevelopment Authority's masterplan means developers can build up to a gross floor area of around 489,261 sq ft, with about 140,000 sq ft of that allocated to retail and commercial ventures.
Ms Sim noted that the firm is in negotiations for the collective sale of nearby Irving Industrial Building for an estimated $1,000 per sq ft per plot ratio.
Cushman & Wakefield, which expects a good response from local and overseas mid-sized and large developers, said the potential growth of the Paya Lebar commercial hub will interest investors.
Ms Sim said that with the MRT station within walking distance, the MacPherson and Paya Lebar area has seen an "influx of young talent keen to locate there, given the positive change in the landscape and amenities".
The tender closes at 3pm on Oct 30.
[email protected]