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 with a price tag of at least $430 million.
Marketing agent Edmund Tie & Company told The Straits Times yesterday the eventual buyer would have to pay an additional $99 million in development charge (DC) for intensifying the land use.
Taken together, the owners' minimum asking price and the DC payment translate to a cost of $1,081 psf per plot ratio.
Edmund Tie & Co noted that a sizeable freehold redevelopment site - at 1.3 ha - in the Tai Seng industrial and commercial hub rarely goes on the market.
"With its prominent location and proximity to Tai Seng MRT station, this presents an excellent opportunity for the astute developer to build a landmark integrated industrial mixed-use project," said Ms Swee Shou Fern, senior director for investment advisory.
The redevelopment site is zoned "Business 1-White", with a gross plot ratio of 3.5 under the URA Master Plan 2014. It can potentially yield a maximum gross floor area of 489,262 sq ft, of which at least 349,473 sq ft has to be for Business 1 or light industrial use, with the remaining for "white" use, which includes retail or commercial uses.
"The white component is ideal for retail and F&B, such as cafes, restaurants and foodcourts, 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.