New Reporter
24-11-23, 11:42
Playfair Road freehold industrial property sold for S$81 million, 16% above guide price
Nov 23, 2023
A FREEHOLD property at 50 Playfair Road within Tai Seng Industrial Estate has been sold for S$81.18 million.
This is around 16 per cent above the guide price of S$70 million when the site was launched for collective sale in mid-October 2023.
This translates to a land rate of S$895 per square foot per plot ratio for the site, according to sole marketing agent Edmund Tie & Company.
The buyer, who was not identified, intends to use the site for a food factory, Edmund Tie said on Thursday (Nov 23).
“The tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users and investors, both local and foreign,” said Edmund Tie’s head of investment advisory, Swee Shou Fern.
“Some of these parties were looking to redevelop the site for food-factory use or a mixed industrial complex with commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters,” said Swee.
All bids came in above the guide price. The agency did not disclose the number of bids received.
Owners are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit, said Swee.
Bounded by Playfair Road and Harper Road and near the Tai Seng MRT station, the land plot has a site area of approximately 2,489 square metres and houses an eight-storey development.
The site has a plot ratio of 3.5 and is zoned under the Urban Redevelopment Authority’s Master Plan 2019 for “Business 1 - White” use.
Singapore Exchange-listed Noel Gifts International : 543 +40% holds 10 units in the property. The company, which sells corporate gifts, had disclosed in September that the net asset value of the 10 units on its books was S$14.7 million as of end-June 2023.
Noel Gifts had booked net rental proceeds of S$358,000 from the units in FY2023 ended June.
Shares of Noel Gifts closed Thursday (Nov 23) at S$0.20 each, giving the stock a market capitalisation of S$20 million.
https://www.businesstimes.com.sg/property/playfair-road-freehold-industrial-property-sold-s81-million-16-above-guide-price
Nov 23, 2023
A FREEHOLD property at 50 Playfair Road within Tai Seng Industrial Estate has been sold for S$81.18 million.
This is around 16 per cent above the guide price of S$70 million when the site was launched for collective sale in mid-October 2023.
This translates to a land rate of S$895 per square foot per plot ratio for the site, according to sole marketing agent Edmund Tie & Company.
The buyer, who was not identified, intends to use the site for a food factory, Edmund Tie said on Thursday (Nov 23).
“The tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users and investors, both local and foreign,” said Edmund Tie’s head of investment advisory, Swee Shou Fern.
“Some of these parties were looking to redevelop the site for food-factory use or a mixed industrial complex with commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters,” said Swee.
All bids came in above the guide price. The agency did not disclose the number of bids received.
Owners are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit, said Swee.
Bounded by Playfair Road and Harper Road and near the Tai Seng MRT station, the land plot has a site area of approximately 2,489 square metres and houses an eight-storey development.
The site has a plot ratio of 3.5 and is zoned under the Urban Redevelopment Authority’s Master Plan 2019 for “Business 1 - White” use.
Singapore Exchange-listed Noel Gifts International : 543 +40% holds 10 units in the property. The company, which sells corporate gifts, had disclosed in September that the net asset value of the 10 units on its books was S$14.7 million as of end-June 2023.
Noel Gifts had booked net rental proceeds of S$358,000 from the units in FY2023 ended June.
Shares of Noel Gifts closed Thursday (Nov 23) at S$0.20 each, giving the stock a market capitalisation of S$20 million.
https://www.businesstimes.com.sg/property/playfair-road-freehold-industrial-property-sold-s81-million-16-above-guide-price