A rare plum redevelopment site in the heart of Tai Seng industrial and commercial hub is up for sale.
The freehold 110-unit industrial property in MacPherson Road, Citimac Industrial Complex, has been put up for collective sale looking at least $430 million.
Buyer would have eventually pay an additional $99 million in development charge (DC) for intensifying the land use, said Marketing agent Edmund Tie & Company.
DC payment translate to a cost of $1,081 psf per plot ratio.
A sizeable freehold redevelopment site – at 1.3 ha – in the Tai Seng industrial and commercial hub rarely goes on the market.
This 1.3 ha freehold redevelopment site, is close proximity to Tai Seng MRT station, it is an excellent opportunity for the astute developer to build a landmark integrated industrial mixed-use project.
“The white component is ideal for retail and F&B, such as cafes, restaurants and food courts, to tap on the growing catchment of workers in this up-and-coming F&B cluster, as well as residents in the neighbourhood,” Ms Swee added.
The site commands double frontage of about 250m in MacPherson and Upper Paya Lebar roads.
Companies in the Tai Seng industrial-commercial hub include BreadTalk Group, Sakae Holdings, Charles & Keith, Tee Yih Jia Group, Malaysia Dairy Industries and Lian Beng Group.
In February Mapletree opened its mixed-use development 18 Tai Seng, which boasts tenants such as Liao Fan Hawker Chan, Japanese Soba Noodles Tsuta and Tim Ho Wan.
The tender exercise for the Citimac site will close on July 21.
Source : http://www.straitstimes.com/business/property/citimac-industrial-complex-selling-en-bloc
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