Guang Ming Industrial Building, located at No 65 Upper Paya Lebar Road, has been put up for collective sale.
The freehold industrial ‘white site’ has a land area of 19,789 square feet.
Its marketing agent Cushman & Wakefield says the site is expected to fetch more than S$58 million.
Among the likely interested parties for the site include small to mid-sized developers and those companies looking for a site to locate their corporate headquarters, adds Cushman and Wakefield.
Developers can build up to a gross floor area of some 70,000 sq ft, including some 20,000 sq ft of retail and commercial space.
This is based on a maximum allowable plot ratio of 3.5.
Cushman & Wakefield’s Director of Investment Sales Christina Sim says prime locations like Tai Seng and Paya Lebar will make the building a “hot commodity”.
She adds that “the special ‘white zoning’ of the site will give an added boost to its development potential.
The tender will close on 5 February 2013.
Source : Channel NewsAsia – 3 Jan 2013