Noel Building in Tai Seng up for collective sale at $70 mil

and Industrial Spaces for rent and sale in Singapore at EdgeProp.sg

Noel Building, a freehold development located at 50 Playfair Road in the Tai Seng area, is up for collective sale with a guide price of $70 million. It is a unique opportunity for owner-occupiers looking to develop and custom-build their corporate headquarters. The eight-storey building occupies a 26,791 sq ft site zoned for “Business 1 – White” use with a plot ratio of 3.5.

Swee Shou Fern, head of investment advisory at Edmund Tie, points out that “Business 1 – White” sites are scarce, with only a few clusters across Singapore. She adds that the property offers an option to redevelop the space into strata factories for full light industrial use, subject to the approval of relevant authorities.

The site can be redeveloped to have a maximum gross floor area of 93,770 sq ft, with an option to use the entire space for various uses permissible under the zoning, such as shops, cafes and restaurants, showrooms, offices, associations and recreational clubs. At the guide price, it works out to a land rate of $776 to $986 psf per plot ratio (psf ppr), depending on the proportion of industrial and white use.

The last notable transaction for a site with “Business 1 – White” zoning in the private sector was the collective sale of Citimac, which is now Grantral Mall @ MacPherson. The site was sold en bloc for $430.1 million ($1,047 psf ppr) in 2019. The deal was brokered by Edmund Tie.

Swee notes that quality strata factories located near public transportation nodes such as MRT and well-served by amenities continue to be highly sought after. This is evidenced by the nearby AZ@Paya Lebar completed in 2014, where prices of strata factories have increased some 6% from an average of $1,389 per sq ft in 2H2022 to $1,472 per sq ft in 1H2023.

Noel Building is 400m away from the Tai Seng MRT Station on the Circle Line, and is located adjacent to the former Citimac. Those interested in taking advantage of this opportunity should note that the tender for Noel Building closes on Nov 22 at 3pm.

Residents of Tengah Plantation EC can also enjoy its various facilities, such as a gym, a swimming pool, and a library. Visitors can easily get to the mall via public transport, such as the bus and the MRT. West Mall is one of the many shopping malls near Tengah Plantation EC, making it an ideal place to visit for shopping, dining, and entertainment.

For more information regarding the availability of Industrial Real Estate properties and Industrial Spaces for rent and sale in Singapore, visit EdgeProp.sg.