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Zoned “Business 1-White”, the freehold redevelopment site has a land area of around 1.3 hectares and a gross plot ratio of 3.5 under the 2014 Urban Master Plan. (Photo: Cushman & Wakefield)
Citimac, a freehold industrial complex in Tai Seng has been put up for collective sale via a public tender exercise, carrying an indicative price of S$430 million, revealed marketing agent Edmund Tie & Company (SEA).
Zoned “Business 1-White”, the freehold redevelopment site has a land area of around 1.3 hectares and a gross plot ratio of 3.5 under the 2014 Urban Master Plan.
The site can potentially yield a maximum gross floor area of 489,262 sq ft, at least 349,473 sq ft of which has to be allocated for Business 1 use and the remaining 139,789 sq ft for White use.
Strategically situated within Tai Seng’s industrial and commercial hub, the property is located at the busy junction of Upper Paya Lebar Road and Macpherson Road, giving it a double frontage of about 250 metres.
It is also located next to Tai Seng MRT station and a short drive to the Central Business District (CBD), Paya Lebar business hub and Orchard Road shopping belt.
“A sizable freehold redevelopment site in the heart of Tai Seng industrial and commercial hub is rarely available for sale,” said Edmund Tie & Company investment advisory senior director Swee Shou Fern.
“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 at the gateway of this dynamic precinct.”
The tender exercise for Citimac will close on 21 July.
This article was edited by Denise Djong.
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