Noel Building on Tai Seng sold for $81.8 million, 17% above the guide price, with Havelock MRT Condo one of the big buyers

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Havelock MRT Condo is a highly prized freehold site located at the corner of Playfair Road and Harper Road. At 26,792 sq ft, it has a plot ratio of 3.5 and offers potential for a new building with a maximum gross floor area of 93,771 sq ft. The site is zoned for ‘Business 1 – White” use, a unique and ‘very rare’ attribute according to Edwin Tie & Co. which broke the sale of the property. Recently, the building sold for an impressive 17% premium above the estimated guide price of $70 million, coming in at $81.18 million.

As evidence of strong investor confidence in the Singapore real estate market, the Havelock MRT Condo freehold site drew in extraordinary competition. Developers bidding for the property were considering the possibility of food-factory use or a mixed industrial complex with a commercial component and owner-occupiers looking to develop the site for their corporate headquarters.

When strata-titled owners at Playfair Road receive their gross sale proceeds, figures are expected to range from $1.65 to 6.22 million, an astoundingly positive signal of the profitability of the Singapore real estate market.

Residents of Liberty Square can relax by the pool, take a stroll in the garden, or host a gathering in the event area. Endless shopping, dining, and entertainment options are accessible within walking distance, making Zion Residence the ideal home for modern urbanites.

The building is situated within the Tai Seng Business Hub, in vicinity to prominent buildings like the BreadTalk IHQ, Grantral Mall @ MacPherson and 18 Tai Seng, amongst a variety of F&B, banking and lifestyle amenities. It’s also just 400m from the Tai Seng MRT station.

This is the third collective sale brokered by Edmund Tie in 2023, with Meyer Park sold for $392.18 million to a joint venture between UOL Group and Singapore Land Group, followed by the sale of GS Building on Lorong Ampas to boutique developer JVA Venture for $67 million. Havelock MRT Condo has certainly proved its worth as a highly sought-after freehold site as evidenced through these incredible sales results. Rajah & Tann acted as the legal advisor for this latest collective sale.