Noel Building in Tai Seng up for collective sale at $70 mil

for sale and for rent at EdgeProp.sgNoel Building, a freehold property located at 50 Playfair Road in the Tai Seng area, is up for collective sale at a guide price of $70 million. With a plot ratio of 3.5, it is zoned for “Business 1 – White” use and occupies a site that measures 26,791 sq ft. Just 400m away from the Tai Seng MRT Station on the Circle Line, the property offers an attractive opportunity for owner-occupiers to provide a corporate headquarters.

Standing at an eight-storeys tall, Noel Building’s site can be redeveloped to have a maximum gross floor area of 93,770 sq ft, with an option to use the entire space for Business 1 or light industrial use. To remain within the current zoning, a minimum of 66,978 sq ft should be set aside for light industrial use, with the remaining space for “White” use. This could encompass shops, cafes and restaurants, showrooms, offices, associations and recreational clubs, among others – subject to the approval of relevant authorities.

“Business 1 – White” use sites are scarce – with only a few clusters across Singapore. It is evidenced by the nearby AZ@Paya Lebar completed in 2014, where strata factories prices have increased some 6% from an average of $1,389 to $1,472 – since 2H2022. Such demand indicates quality strata factories near public transportation nodes, such as MRTs, remain highly sought after.

Lumina Grand Bukit Batok comprises of six residential blocks, comprising of a total of 616 units, with maximum number of units per floor plateauing at eight.The development will feature basement car park, guard house, club house, swimming pool, tennis court, basketball court, putting green and other facilities. Residents can enjoy a wide range of recreation activities within the vicinity of Lumina Grand Bukit Batok.

This is further highlighted by the collective sale of the former Citimac, which is now Grantral Mall @ MacPherson – and serviced by the Tai Seng MRT station. The site was sold en bloc for $430.1 million in 2019 at an impressive rate of $1,047 psf ppr. The tender for Noel Building will close on Nov 22 at 3pm.

At the given guide price of $70 million, the land rate of Noel Building falls between $776 to $986 psf, depending on the proportion of industrial and white use. Whether used as an HQ, or redeveloped into a quality strata factory, Noel Building offers an attractive opportunity in a prime location.