Macpherson-Paya Lebar Industrial site up for en-bloc sale

http://www.channelnewsasia.com/news/business/citimac-industrial/1374730.html

Citimac Industrial Complex at the junction of Macpherson Road and Paya Lebar Road has been put up for collective sale, with the owners seeking bids of S$550 million and above.

Cushman & Wakefield, which is handling the en-bloc sale, described the complex as a rare developable site near the Paya Lebar iPark vicinity and the Paya Lebar Regional Centre.

According to Cushman, Citimac occupies a land area of 139,789 square feet.

Based on a maximum allowable plot ratio of 3.5 under the 2014 Master Plan, the successful bidder can redevelop the freehold site into a property with gross floor area of about 489,261 sqft, Cushman said in a statement on Monday (Sep 22).

This could include a shopping mall with about 140,000 sqft of retail and commercial space.

The tender closes at 3pm on Oct 30.

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