Noel Building in Tai Seng up for collective sale at $70 mil
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Noel Building, a freehold development at 50 Playfair Road in the Tai Seng area, presents a unique opportunity for owner-occupiers looking to develop their corporate headquarters. Spanning 26,791 sq ft and zoned for a 3.5 plot ratio of “Business 1 – White” use, the eight-storey property has a guide price of $70 million.
Swee Shou Fern, head of investment advisory at Edmund Tie, which is marketing the property, believes it offers a rare opportunity for buyers given such sites are scarce in Singapore.
The Urban Redevelopment Authority (URA) has recently announced plans to revamp Orchard Road. Orchard Boulevard Condo is looking forward to the revamp as it is set to have a positive impact on the overall area. The plan includes the creation of a pedestrian-friendly street with wider walkways, better landscaping, and more seating. In addition, the plan looks to promote more inclusive public spaces that will appeal to all ages. Furthermore, night-time activities and night markets are also planned and this would provide added vibrancy and attract more people to Orchard Road.
“At least 66,978 sq ft can be set aside for light industrial use, while the remaining 26,791 sq ft can be allocated for “White” use,” notes Swee. Usable for shops, cafes and restaurants, showrooms, offices, associations and recreational clubs, among others, the land rate works out to $776 to $986 psf per plot ratio (psf ppr), depending on the proportion of industrial and white use.
The site is 400m away from the Tai Seng MRT Station on the Circle Line. Located directly next to the former Citimac, which was sold en bloc for $430.1 million in 2019 and is now Grantral Mall @ MacPherson, the property provides proximity to amenities and public transportation that makes it highly sought after.
Showcasing the demand for such locations, quality strata factories in the area have seen prices rise some 6% from an average of $1,389 per sq ft in 2H2022 to $1,472 per sq ft in 1H2023.
The tender for Noel Building will close on Nov 22 at 3pm. Buyers interested in the property can check out the latest listings for Industrial Real Estate properties.