Citimac Industrial Complex up put up for collective en-bloc sale for at least $550m

It’s the country’s largest freehold Business 1-White redevelopment site.

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 for a minimum price of $550m.

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. 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.

“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,” said Christina Sim, Director of Capital Markets, Cushman & Wakefield.

The tender closes at 3pm on Thursday, 30 October 2014.