50 Playfair Road Sold for S$81.18 Million

A rare prime freehold “Business 1 – White” site in Tai Seng that offers successful buyer with flexible redevelopment potential

Singapore, 23 November 2023 –Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to announce that the collective sale of the development at 50 Playfair Road has been successfully awarded at S$81.18 million.

The tender for 50 Playfair Road closed on 22 November 2023.

Strategically bounded by Playfair Road and Harper Road, the corner land plot has a site area of approximately 2,489 sq m. Under URA’s Master Plan 2019, the site is zoned for “Business 1 – White” use with a plot ratio of 3.5 and can be redeveloped to accommodate a maximum gross floor area of up to 8,711.5 sq m.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Freehold “Business 1 – White” sites such as 50 Playfair Road are hard to come by, particularly so since such zoning offers the successful buyer with more flexibility in redevelopment possibilities. The tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users and investors, both local and foreign alike. Some of these parties were looking to redevelop the site for food-factory use or a mixed industrial complex with commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters.”

She continues, “The positive tender outcome is indicative evidence of investors’ sustained strong confidence in the Singapore real estate market, particularly in properties with robust attributes. We appreciate the strong support from the collective sale committee and the owners and are pleased to work alongside Rajah & Tann, the lawyer for the collective sale. Owners are expected to receive gross sale proceeds of between S$1.65 million to S$6.22 million per unit.”

“The successful buyer envisions transforming the site into a cutting-edge food factory, leveraging its strategic city-fringe location within a well-established industrial estate. The site’s advantageous position boasts prominent visibility and a dual frontage, enhancing its appeal for a state-of-the-art food factory,” adds Ms Swee.

This is the third collective real estate sale that EDMUND TIE has successfully brokered this year, following Meyer Park and GS Building. The team has also recently been crowned the Agency Team of the Year at the prestigious RICS Southeast Asia awards 2023.

50 Playfair Road is located within the Tai Seng Business Hub, which has drawn many well-established businesses to set up their corporate headquarters over the years. Prominent developments in the area include BreadTalk IHQ, Grantral Mall @ MacPherson and 18 Tai Seng, offering a wide range of F&B, banking and lifestyle amenities.

The subject property is conveniently located 400 metres from Tai Seng MRT Station on the Circle Line. It is also within a short drive to Kallang-Paya Lebar Expressway and Pan Island Expressway.

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