The freehold property located at 50 Playfair Road in Tai Seng Industrial Estate was sold for S$81.18million.

The price is approximately 16 percent above the original guide price of S$70 Million when the site went on sale for a collective sale in October 2023.

According to the sole marketing agent Edmund Tie & Company, this equates to a land price of S$895 a square foot for each plot ratio.

Edmund Tie, a spokesperson for Edmund Tie, said that the buyer, who has not been identified, plans to use the property as a food manufacturing facility.

The site’s tender was fiercely contested and attracted a large number of developers, investors and end-users, both domestic and foreign.

Owner-occupiers wanted to use the site as their corporate headquarters. Others were interested in redeveloping the site into a food-factory or mixed industrial complex.

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All bids were above the guide price. The agency has not disclosed the number of bids that were received.

Owners can expect to receive between S$1.65 and S$6.22 per unit in gross sales proceeds.

The land plot is bordered by Playfair Road, Harper Road, and the Tai Seng MRT Station. It has a total site area of 2,489 sqm and can accommodate an eight-storey building.

The site is zoned for “Business 1 White” under the Urban Redevelopment Authority Master Plan 2019.

Noel Gifts International, a company listed on the Singapore Exchange, owns 10 units. The company that sells corporate gifts disclosed in September the value of its 10 units as S$14.7million by the end of June 2023.

Noel Gifts booked a net rental profit of S$358,000 for the units during FY2023 that ended in June.

Noel Gifts shares closed at S$0.20 per share on Thursday (Nov 23,) giving the stock a value of S$20million.