SINGAPORE’S LARGEST FREEHOLD “BUSINESS 1-WHITE’ REDEVELOPMENT SITE, CITIMAC INDUSTRIAL COMPLEX UP FOR COLLECTIVE SALE BY CUSHMAN & WAKEFIELD
September 2014 - Citimac Industrial Complex, a freehold “Business 1-White” redevelopment site located at the busy junction of Macpherson Road and Paya Lebar Road, is being offered for collective en-bloc sale. Cushman & Wakefield, world’s largest privately‐held commercial real estate services firm, has been appointed to handle the sale through a tender process.
The freehold site has a land area of 139,789 sf and it is one of the rare developable sites near the strategic Paya Lebar iPark vicinity and the Paya Lebar Regional Centre.
Citimac is expected to fetch a price in excess of S$550 million. Based on a maximum allowable plot ratio of 3.5 (B1-2.5, W-1.0) under 2014 Master Plan, developers can build up to a gross floor area of around 489,261 sf, including potentially a sizeable shopping mall comprising some 140,000 sf of retail and commercial space.
Cushman & Wakefield is expecting a very good reception for the site especially from both local and overseas mid-sized and large developers, given its prized location and white zoning. The potential future growth of the Paya Lebar Commercial Hub will drive strong investor interest.
Christina Sim, Director of Capital Markets in Cushman & Wakefield, comments “Given current market conditions and a dearth of freehold “Business 1-White” sites in prime locations, this site offers a unique opportunity to develop a top end Business 1 space for data centres, research & development, information technology, as well as sales and distribution centre for the medical and aviation industries. With the MRT station within walking distance, Macpherson and Paya Lebar has seen an influx of young talent keen to locate there, given the positive change in the landscape and amenities. The location’s proximity to residential heartlands such as Ang Mo Kio, Toa Payoh and the East Coast has helped Paya Lebar gain marked appeal from entrepreneurs and property developers.
With the current retail and restaurant offerings in the iPark and the push towards a ‘work, live, play’ environment, the entire landscape of Macpherson and Paya Lebar has changed tremendously and is no longer the traditional old & shabby industrial estate.
The tremendous visibility and exposure of the site will also allow the developer much creativity and flexibility in building an iconic trophy asset at this busy junction. Citimac represents an unparalleled opportunity for a developer or owner to showcase their tenants, their businesses, their products and their services.
The tender closes at 3pm on Thursday, 30 October 2014.