A FREEHOLD property at 50 Playfair Road within Tai Seng Industrial Estate has been sold for S$81.18 million.

This is around 16 per cent above the guide price of S$70 million when the site was launched for collective sale in mid-October 2023.

This translates to a land rate of S$895 per square foot per plot ratio for the site, according to sole marketing agent Edmund Tie & Company. 

The buyer, who was not identified, intends to use the site for a food factory, Edmund Tie said on Thursday (Nov 23). 

“The tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users and investors, both local and foreign,” said Edmund Tie’s head of investment advisory, Swee Shou Fern. 

“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,” said Swee.

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All bids came in above the guide price. The agency did not disclose the number of bids received.  

Owners are expected to receive gross sale proceeds of between S$1.65 million and S$6.22 million per unit, said Swee. 

Bounded by Playfair Road and Harper Road and near the Tai Seng MRT station, the land plot has a site area of approximately 2,489 square metres and houses an eight-storey development.

The site has a plot ratio of 3.5 and is zoned under the Urban Redevelopment Authority’s Master Plan 2019 for “Business 1 - White” use.

Singapore Exchange-listed Noel Gifts International : 543 0% holds 10 units in the property. The company, which sells corporate gifts, had disclosed in September that the net asset value of the 10 units on its books was S$14.7 million as of end-June 2023.

Noel Gifts had booked net rental proceeds of S$358,000 from the units in FY2023 ended June.

Shares of Noel Gifts closed Thursday (Nov 23) at S$0.20 each, giving the stock a market capitalisation of S$20 million.