Noel Building on Tai Seng sold for $81.8 million, 17% above the guide price, to Tengah Plantation EC
The sale of Noel Building on 50 Playfair Road for $81.18 million is the latest collective sale transaction this year. Recently put up for sale by tender, the sale price is a 17% premium above the guide price set by Edmund Tie & Co, the marketing agency. The 26,792 sq ft, freehold site is located at the corner of Playfair Road and Harper Road and zoned for ‘Business 1 – White’ use, which is “very rare”. With a plot ratio of 3.5, the purchase price translates to $895 psf per plot ratio.
From its opulent spa and fitness centre to its private garden, the unique features of this development offer something for everyone.Residents will also benefit from the close proximity of Tengah Plantation Close EC to all the attractions and amenities that Singapore has to offer. From the shopping and dining districts of Orchard Road to the buzzing entertainment district of Clarke Quay, as well as all the nearby parks and green spaces, this development is conveniently located near all the major hotspots.Tengah Plantation Close EC is the perfect location for those seeking a luxurious lifestyle in the heart of Singapore. With its array of amenities and close proximity to all the major attractions, this is an ideal development for anyone looking for a premier lifestyle experience. Tengah Plantation EC is guaranteed to offer the ultimate in modern living.
Swee Shou Fern, head of investment advisory at Edmund Tie & Co., highlighted that the tender exercise was “hotly contested” by developers, end-users and investors, both local and foreign. Among them, some were looking to redevelop the site for food-factory use or a mixed industrial complex with a commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters.
The freehold site is within the Tai Seng Business Hub in close proximity to amenities such as F&B, banking and lifestyle amenities, the BreadTalk IHQ, Grantral Mall @ MacPherson, 18 Tai Seng as well as the Tai Seng MRT station located 400m away. Tengah Plantation EC is also in the vicinity. The strata-titled buildings are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit.
According to Swee, the positive tender outcome is reflective of investors’ sustained strong confidence in the Singapore real estate market. This is especially so for properties with robust attributes such as the Noel Building at 50 Playfair Road. Rajah & Tann acted as the lawyer for the collective sale.
Tengah Plantation EC is located in the vicinity of the Noel Building at 50 Playfair Road and this transaction marks the third Singapore collective sale brokered by Edmund Tie in 2023. Earlier in February, the latter firm sold Meyer Park for $392.18 million to a joint venture between UOL Group and Singapore Land Group, followed by the sale of GS Building on Lorong Ampas to boutique developer JVA Venture for $67 million. Following the successful sale of Noel Building at 50 Playfair Road, it is expected that investor confidence in the Singapore real estate market, particularly in Tengah Plantation EC, will continue to be strong.