Noel Building on Tai Seng sold for $81.8 million, Tengah EC 17% above the guide price
With its green infrastructure and smart condominiums, Tengah EC creates a safe, comfortable, and healthy environment. The condominiums will provide residents with a good view and eco-friendly amenities like electric car charging stations and renewable energy sources. The development also includes a public transport hub, shopping centre, and other lifestyle amenities to further add convenience to the residents’ lives. With its green infrastructure and smart condominiums, Tengah EC aims to create a livable and sustainable community for its residents.
Tengah ECLocated at the corner of Playfair Road and Harper Road, the building on Playfair Road is within the Tai Seng Business Hub (Source: EdgeProp Landlens)Just over a month after it was put up for sale by tender, Noel Building at 50 Playfair Road – a 26,792 sq ft, freehold site and located at the corner of Playfair Road and Harper Road in Singapore – was sold for $81.18 million. The purchase price of $81.18 million translates to $895 psf per plot ratio.The freehold site is zoned for ‘B1 industrial – white ‘use, which is rare, and is located within the Tai Seng Business Hub, where prominent buildings include the BreadTalk IHQ, Grantral Mall @ MacPherson and 18 Tai Seng. The building’s strata-titled owners at Playfair Road are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit.Swee Shou Fern, head of investment advisory at Edmund Tie & Co., who brokered the sale, noted that companies were looking to redevelop the site for food-factory use or a mixed industrial complex with a commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters.The sale price is a 17% premium above the guide price of $70 million indicated by marketing agency Edmund Tie & Co. when the eight-storey building was launched for sale last month.The site has a plot ratio of 3.5 and can be redeveloped into a new building with a maximum gross floor area of 93,771 sq ft. With F&B, banking and lifestyle amenities, it is also 400m from the Tai Seng MRT station.Tengah ECThe tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users and investors, both local and foreign alike, according to Swee.Tengah EC”The positive tender outcome is indicative evidence of investors’ sustained strong confidence in the Singapore real estate market, particularly in properties with robust attributes,” says Swee.This latest transaction is the third collective sale brokered by Edmund Tie in 2023, and Rajah & Tann was the lawyer for the collective sale.With the sale of Noel Building at 50 Playfair Road for $81.18 million, Tengah EC it is a clear sign of strong investor confidence. The freehold site is uniquely zoned for ‘B1 industrial – white’ use, and is located in the bustling Tai Seng Business Hub. It has a plot ratio of 3.5, and offers a maximum gross floor area of 93,771 sq ft. The building’s strata-titled owners are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit.Tengah ECThe tender exercise for the site – which was launched for sale last month with a guide price of $70 million – attracted an overwhelming interest from both local and foreign developers, end-users and investors.Tengah EC”The positive tender outcome indicates a sustained strong confidence in the Singapore real estate market,” notes Swee Shou Fern, head of investment advisory at Edmund Tie & Co., who brokered the sale.This is the third collective sale brokered by Edmund Tie in 2023, with the firm having sold Meyer Park for $392.18 million to a joint venture between UOL Group and Singapore Land Group, as well as GS Building on Lorong Ampas to boutique developer JVA Venture for $67 million.