Noel Building Tai Seng on sale for $70 mil.
Swee Shou Fern is the head of Edmund Tie’s investment advisory, and she’s marketing this property. She believes that the property located at 50 Playfair Road presents a unique opportunity to owner-occupiers who are looking to custom-build and develop their corporate headquarters. One option is to convert the property into strata-factories for light industrial use.
Noel Building’s guide price is based on a land rate between $776 and $986 per square foot (psf) per plot ratio.
Noel Building is a freehold property located at 50 Playfair Road, in the Tai Seng district, and it’s up for sale collectively with a price guide of $70 million. The eight-storey structure occupies 26,791 square feet of land zoned “Business 1 – White” with a plot-ratio of 3.5. The Circle Line MRT Station Tai Seng is located 400m from the building.
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Edmund Tie says that the site can be redeveloped with a maximum floor area of 93.770 sq ft. This can include a business 1 use or if you prefer, light industrial. The remaining 26.791 sq. ft. can be used for “White”. This zoning allows for the use of shops, restaurants, showrooms offices, associations, and recreational clubs.
Swee says that in the private sector, the last notable deal for a “Business 1 – White” zoned site was the sale of Citimac. This is now Grantral Mall at MacPherson. In 2017, the site was sold as a whole for $430.1 millions ($1,047 per square foot ppr). Edmund Tie mediated the deal.
Swee notes that strata factories near MRT stations and with amenities are still highly desired. She says that the AZ@Paya Lebar, a strata factory completed in 2014 near the AZ@Paya Lebar, has seen prices increase by 6%, from $1,389/sq ft on average in 2H2022, to $1,472/sq ft for 1H2023.