Citimac estate offers retail, F&B opportunities
Citimac industrial estate is up for public tender, with opportunities for retail and F&B.
Edmund Tie & Company (SEA) is the sole marketing agent for the collective sale, and is seeking a minimum price of S$430 million (US$310.5 million).
The freehold redevelopment site covers about 1.3ha and is zoned “Business 1-White”. It can potentially yield a maximum gross floor area of 489,262 sqft (45,454 sqm), of which at least 349,473 sqft has to be for business use, with the balance for White use.
Citimac is within the industrial/commercial hub of Tai Seng, which is home to such companies as BreadTalk Group, Charles & Keith and Malaysia Dairy Industries. At the junction of Macpherson and Upper Paya Lebar Roads, the property has a double frontage of around 250m, and is next to Tai Seng MRT station.
“A sizable freehold redevelopment site in the heart of Tai Seng industrial and commercial hub is rarely available for sale,” says Edmund Tie senior investment advisory director Swee Shou Fern.
“Over the years, we have seen the Tai Seng area transform into a choice business destination. We have also seen a slew of cafes and restaurants arrive, including Michelin-starred eateries such as Liao Fan Hong Kong Soya Sauce Chicken Rice & Noodles, Tim Ho Wan and Tsuta.
“The White component is therefore ideal for retail and F&B such as cafes, restaurants and food courts to tap into the growing catchment of workers as well as neighbourhood residents”.
Tenders will close at noon on July 21.