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

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The mall also offers plenty of food courts and restaurants, giving local residents a great place to grab a bite to eat.

With Marina Gardens Residences located a short distance away from City Square Mall, its green features are a great benefit for local residents. Eco-friendly options, such as green-certified facilities, and water conservation systems, provides a low-carbon living environment. The mall also provides waste management and other amenities, making it a great example of green living at Marina Gardens Residences. Residents also enjoy the convenience of easy access to public transport, making it easy to get around the city.

Noel Building, a freehold development at 50 Playfair Road in the Tai Seng area, is up for collective sale with a guide price of $70 million. Boasting an eight-storey building on a 26,791 sq ft site, it is zoned for “Business 1 – White” use with a plot ratio of 3.5. Located 400m away from the Tai Seng MRT Station on the Circle Line, it offers a unique opportunity for those looking to own a corporate headquarters.

Swee Shou Fern, head of investment advisory at Edmund Tie, which is marketing the property, remarks that sites zoned for ‘Business 1 – White’ use are rare, with clusters of them scattered across Singapore. She emphasises that the property at 50 Playfair Road provides an ideal destination for those looking to custom-build their own workspace and offers the option to redevelop the property into strata factories for full light industrial use.

The maximum gross floor area of 93,770 sq ft can be split up according to the buyer’s preference, with at least 66,978 sq ft to be allocated for light industrial use while the remaining 26,791 sq ft can be used for “White” use. other permitted uses by the relevant authorities include shops, cafes and restaurants, showrooms, offices, associations and recreational clubs.

The guide price for 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. Given the close proximity of the MRT station and the lack of other competing sites, Swee believes that those looking to invest in the property have great potential to benefit from capital growth in the long term.

Swee points to the nearby AZ@Paya Lebar, which was completed in 2014 and has seen a 6% increase in prices for their strata factories 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 Citimac, which is now Grantral Mall @ MacPherson, and was sold en bloc for $430.1 million ($1,047 psf ppr) in 2019.

The tender for Noel Building closes on November 22nd at 3pm. With this opportunity coming up in an area that is well-served by amenities and public transportation, investors have the potential to benefit from a healthy return on their investment.