Playfair Road freehold commercial property sold for S$81mn

The tender process for the site attracted intense competition, with developers, users and investors from both abroad and locally expressing overwhelming interest.

Owner-occupiers, on the other hand, were seeking to develop their corporate headquarters.

All bids came out above the guide prices. The agency didn’t disclose how many bids were received.

A freehold property in Tai Seng Industrial Estate at 50 Playfair Road has sold for S$81.18M.

This is approximately 16 percent above the price guide of S$70million when the site launched for collective sales in mid-October, 2023.

According to Edmund Tie & Company as the sole marketing agents, this equates a rate of S$895 a foot square per plot ratio.

Edmund Tie announced on Thursday (Nov. 23) that the unidentified buyer intends to build a food plant at the site.

Terra Hill

Noel Gifts International has 10 units of the property listed at the Singapore Exchange. The company that sells gifts for corporate clients disclosed in Septembre that the net assets value of 10 units it held was S$14.7m by end-June, 2023.

Noel Gifts has booked net rental proceeds from the units of S$358,000 during the FY2023 which ended June.

Noel Gifts stock closed Thursday (Nov. 23) at S$0.20, giving it a market cap of S$20million.

Owners should expect to receive gross proceeds ranging between S$1.65million and S$6.22million per unit.

A land plot with a 2,489-square-metre site, bordered by Playfair Road & Harper Road & located near Tai Seng’s MRT station has an 8-storey development.

The site’s plot ratio is 3.5, and it is zoned according to the Urban Redevelopment Authority 2019 Master Plan for “Business 1” – White use.

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