Playfair Road Freehold Industrial Property Sold for S$81 Mil

All bids went above the price guide. The agency did disclose the total number of bids.

Owners expect to get between S$1.65mn and S$6.22mn gross as a result of the sale per unit.

The land parcel is bounded by Playfair Road & Harper Road & near Tai Seng station MRT. Its site area is approximately 2,489 square meters and it houses an eight storey development.

A freehold land at 50 Playfair Road located within Tai Seng Industrial Estate sold for S$81.18M.

The guide price was S$70,000,000 when the site first went up for collective sale, in mid October 2023.

According to Edmund Tie & Company the land rate is S$895 per sq. ft. per plot ratio.

Edmund Tie stated on Thursday (Nov.23) that the buyer who is not named intends to turn the site into a manufacturing plant.

Cape Royale condo

The tender for the site was highly competitive, and developers, end users, and investors both local and abroad showed a great deal of interest.

Noel Gifts International (listed on the Singapore Exchange) owns ten units. The company sells corporate presents and disclosed in October that the net asset values of the 10 apartments on its books were S$14.7M as of June 2020.

Noel Gifts recorded net rental profits of S$358,000 on the units for FY2023 (ended June).

Noel Gifts stocks closed Thursday night (Nov. 23, 2018) at S$0.20. The stock now has a S$20 million market cap.

Some of the parties wanted to convert the land into a food processing plant or an industrial complex that included a commercial component. Other owners were interested in developing the site to be their corporate headquarter.

The site has an area ratio of 3.5. This is in line with the Urban Redevelopment Authority’s 2019 Master Plan, which allows for “Business 1 – white” use.