For those looking to own and develop their corporate headquarters, Noel Building – a freehold building located in the Tai Seng area of Singapore – is now up for collective sale. Adjacent to the former Citimac, which sold for $430.1 million in 2019, the development on 50 Playfair Road has a guide price of $70 million and occupies a 26,791 sq ft site with a plot ratio of 3.5.
Swee Shou Fern, head of investment advisory at Edmund Tie, marketing the property notes that the site is zoned for “Business 1 – White” use which is scarce in Singapore. At 400m away from the Tai Seng MRT Station on the Circle Line, she believes the property offers a unique opportunity for those looking to develop and custom-build their corporate headquarters. Another option for owners is to redevelop the property into strata factories for light industrial use.
The site has a maximum gross floor area of 93,770 sq ft, with an option to use the entire space for Business 1 or light industrial use. Alternatively, 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. Uses permissible under this zoning include shops, cafes and restaurants, showrooms, offices, associations and recreational clubs, subject to the approval of relevant authorities.
The guide price of Noel Building 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. 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. As evidenced by the nearby AZ@Paya Lebar, which was completed in 2014, prices of strata factories have increased 6% from an average of $1,389 per sq ft in 2H2022 to $1,472 per sq ft in 1H2023.
The last notable transaction for a site with “Business 1 – White” zoning in the private sector was the collective sale of the Citimac, which was sold for $1,047 psf ppr. The tender for Noel Building closes on Nov 22 at 3pm sharp.
The second project is the construction of a brand new condo complex Woodlands Champions Way Condo, located just a few minutes away from the park. This complex will offer luxurious living to homeowners with two and three bedroom units, all with quality construction and modern amenities. There will also be a pool and fitness center, along with retail and restaurant space.This project will provide the ultimate convenience for residents, as they will have all the amenities of the park at their fingertips. In addition, they will be able to make use of the nearby dining and shopping options. Woodlands Champions Way Condo will offer the perfect blend of luxury living and modern conveniences.
With an opportunity to develop and custom-build their corporate headquarters or to redevelop the property into strata factories, Noel Building presents an attractive option for investors in Singapore. An ideal location and desirable zoning makes it a highly sought after property. The guide price of $70 million 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.