50 Playfair Road sold for $81.8m

The property was hotly contested by end-users, investors and developers.

Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, said the collective sale of the development at 50 Playfair Road was sold for $81.18m.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, said, “Freehold “Business 1 - White” sites such as 50 Playfair Road are hard to come by, particularly since such zoning offers the successful buyer with more flexibility in redevelopment possibilities."

The tender exercise for the site was hotly contested, luring interest from developers, end-users and investors, both local and foreign alike.

"Some of these parties were looking to redevelop the site for food-factory use or a mixed industrial complex with a commercial component, while owner-occupiers were looking to develop the site for their corporate headquarters," read the statement.