http://www.businesstimes.com.sg/arch...-sale-20130103

Published January 03, 2013

Paya Lebar industrial site up for en bloc sale

By zeinab yusuf saiwalla


A FREEHOLD industrial "white site" in Paya Lebar has been launched for collective sale, with an expected price in excess of $58 million, or $837 per square feet per plot ratio (psf ppr)

Guang Ming Industrial Building now stands on the 19,789 sq ft site in Tai Seng Industrial Estate; the 20 units within it are separately occupied by various businesses such as Seaward Chemicals and Horizon Auto Services.

The owners of the units, ranging from 1,200 sq ft to 2,800 sq ft, can expect to receive between $1.8 million and $3.9 million from the collective sale, depending on the size of their units.

The plot's status as a "white site" means it can be developed for commercial, residential, retail or hotel purposes. Based on a maximum allowable plot ratio of 3.5, developers can build a property with gross floor area of up to 70,000 sq ft, including 20,000 sq ft of retail and commercial space.

Christina Sim, director of investment sales at Cushman & Wakefield, said that the reason for the collective sale is to unlock the potential of the site, given that the building currently on it had been developed to a plot ratio of only 2.5, below the maximum.

Marketing agent Cushman & Wakefield expects interest for the site to come mainly from small- and mid-sized developers and companies looking for a site for their corporate headquarters.

The Tai Seng vicinity is now home to the headquarters of homegrown brands such as Charles & Keith, Sakae Sushi and BreadTalk.

Ms Sim said: "Thanks to its easy accessibility with the opening of the Tai Seng MRT station and its proximity to heartlands such as Ang Mo Kio, Toa Payoh and the East Coast, Tai Seng has gained marked appeal from entrepreneurs and property investors.

The tender exercise closes on Feb 5.