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The 139,789 sq ft Citimac Industrial Complex (pictured) at the junction of Macpherson Road and Paya Lebar Road is up for collective sale, with its owners expecting bids of over $550 million.
According to marketing agent Cushman & Wakefield, the freehold ‘Business 1-White’ site is one of the rare developable plots near the Paya Lebar Regional Centre and Paya Lebar iPark vicinity.
With a maximum allowable plot ratio of 3.5 under the 2014 Master Plan, this means that projects with a gross floor area of up to 489,261 sq ft can be built. The site could be redeveloped into a shopping mall with about 140,000 sq ft of commercial space.
Due to its white zoning and prized location, the property will likely fetch good offers, the consultancy noted.
“Given current market conditions and a dearth of freehold ‘Business 1-White’ sites in prime locations, this site offers a unique opportunity to develop a top-end Business 1 space for data centres, research & development, information technology, as well as sales and distribution centre for the medical and aviation industries,” said Christina Sim, Cushman & Wakefield’s Director of Capital Markets.
“The tremendous visibility and exposure of the site will also allow the developer much creativity and flexibility in building an iconic trophy asset at this busy junction. Citimac represents an unparalleled opportunity for a developer or owner to showcase their tenants, their businesses, their products and their services,” she added.
The tender process closes on 30 October.
Photo by Cushman & Wakefield.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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