Citimac industrial complex freehold is located near the Tai Sang MRT station was put up for sale with an asking price of S$430.1 million which translates to S$1047 per square foot based on its potential growth area.
They have awarded the en bloc sale over the weekend which is followed by a tender of the developed that was closed on June 21. The deal was brokered by Edmund Tie & Co.
When they have contacted the senior director for investment advisory at the group, Swee Shou Fern, he refused to name the buyer and just told that it was a foreign developer.
People think that the buyer may be connected to the Zhao family who is from China and also behind the entity who bought CityVive in Clementi last year. They have purchase the property through a sale of shares in the company that owns the commercial building closed to Clementi MRT station.
An amount of S$2.1 million to S$10 million will be given individually to the owners of the Citimac with 110 strata units. The measurement of the units ranges from around 160 square meters to 500 square meters or 1,722 square feet to 5,382 square feet.
Market watchers have pointed out the Citimac was already put for an en bloc sale in 2014 with an asking price of S$550 million.
Citimac is an eight-storey light industrial building located at the corner MacPherson and Upper Paya Lebar roads. It was completed in the 1980s that consists of warehouses, factories, and showrooms.
There is a possibility to redevelop the property into a new project from 139,789 square feet to 489,262 square feet gross floor area.
There is at least 2.5 plot ratio of the property or 349,473 square feet of the gross floor area will be used for Business 1 and the remaining GFA which is 139,789 square feet is for the white uses. The white component of the property is perfect for retail according to most developers.
It is because of the prime MacPherson Road frontage of the site.
They had previously reported that the site of the Citimac is considered to be the largest Business 1-White redevelopment site that was put up for sale in Singapore.
In the recent years, there are other deals within the area that includes the Guang Ming Industrial Building. The building cost S$45.8 million which translates to S$837 per sq ft per plot ratio that was transacted in September 2013.
Another deal transacted in November 2014 is the Irving Industrial Building that costs S$160 million or S$923 psf ppr. Early 2016, Harper Kitchen was also put up for sale that costs S$51.1 million.
Tai Seng’s industrial and commercial hub is home to different companies such as the Malaysia Dairy Industries, BreadTalk Group, Sakae Holdings, Charles & Keith, Lian Beng Group, and Tee Yih Jia Group.