Foreign buyer to pay $430.1 mil for Citimac
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.
Source: ET&Co
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