Playfair Road freehold industrial property sold for S$81m

The site has a ratio of plots of 3.5. It is zoned “Business 1 – White” in the Urban Redevelopment Authority’s Master Plan 2019.

Noel Gifts International is listed on the Singapore Exchange and owns 10 apartments in this property. The company which sells corporate gift had revealed in September that its net asset value for the 10 properties on its books would be S$14.7M by June 2023.

Freehold property at Playfair Road, Tai Seng Industrial Estate, has been sold for S$81.18 Million.

This price is about 16 per cent higher than the S$70 million guide price when the site was first offered for sale collectively in mid-October of 2023.

Some of these parties wanted to redevelop it for a food factory or as a mixed-industrial complex with a commercial component. While owner-occupiers wished to develop the area for their corporate headquarters.

Noel Gifts’ shares closed Thursday, Nov 23, at S$0.20 apiece. This gives the stock an estimated market capitalization of S$20 Million.

Blossoms by the Park Showflat

All bids exceeded the guide price. The agency refused to disclose the number bids received.

Owners will receive between S$1.65m and S$6.22m gross proceeds per unit.

This land plot, which is bordered on the north by Playfair Road and the south by Harper Road near Tai Seng Station MRT, has a site of approximately 2,489 m2 and contains an eight-storey residential development.

According to Edmund Tie & Company’s sole marketing agency, this equates into a land rate per square foot of S$895 for the entire site.

Noel Gifts reported net rental income of S$358,000 in the FY2023 ending June.

Edmund Tie told reporters on Thursday, Nov 23 that the buyer will use the land for a factory.

The site had a hotly-contested tender, which attracted an overwhelming amount of interest from local and international investors, developers and end users.

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