Foreign buyer to pay $430.1 mil for Citimac

[Arcachon]

https://www.ura.gov.sg/MP2008/ims/TA...rpretation.htm

The freehold Citimac Industrial Building is being sold for $430.1 million in an en bloc sale, according to Edmund Tie & Company (ET&Co), which brokered the deal. The land cost works out to $1,047 psf ppr, inclusive of a development charge of $82 million.

The tender exercise for the site closed on July 21 and the buyer is said to be a foreign developer.

Located on Macpherson Road in Tai Seng, the freehold redevelopment site has a land area of close to 139,790 sq ft, with a gross plot ratio of 3.5. The site is zoned “Business 1-White”. According to ET&Co, the site can yield a maximum GFA of 489,262 sq ft, of which at least 349,473 sq ft is to be set aside for Business 1 use. The remaining 139,789 sq ft can be allocated for White use.

[gabithompson730]

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