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A light industrial block in Singapore’s Paya Lebar region is being auctioned for S$81.18 million ($60.6 million) as investors continue to pay out for shed sites in the land-scarce city-state near Normanton Park Condo.

Edmund Tie, the property’s sole marketing agent of Normanton Park Showflat, announced on Thursday that an unnamed buyer had won the collective sale of Normanton Park Balance Unit Chart for the Noel Building, an eight-story freehold property at 50 Playfair Road in Tai Seng. The buyer intends to redevelop the strata title industrial block into a modern food processing facility.

The sale price of S$80 million is 16 percent over the guiding price of S$70 million set in a tender that was released last month. The property is categorized as “Business 1 – White,” which allows its owners to develop it for a wide variety of applications. According to Edmund Tie, the site’s allure is enhanced by its closeness to other food-related facilities, such as the BreadTalk offices across the street, and the Tai Seng MRT station, all of which are within walking distance.

“The tender exercise for the site was hotly contested, attracting overwhelming interest from developers, end-users, and investors, both domestic and international,” said Swee Shou Fern, head of investment consulting at Edmund Tie. Investors have shown continued faith in the Singapore real estate market, and in particular, homes with good qualities, as seen by the favorable tender result.

The winning bid for 50 Playfair Road is S$866 per square foot or approximately S$1.65 million to S$6.22 million per unit, based on the property’s maximum buildable area of 93,775 square feet (8,712 square meters).

SGX-listed Noel Gifts International has 10 units in the building with the same name and will use the money from the sale for acquisitions, investments, and operating capital, according to a previous statement.

The Grantral Mall @ MacPherson, constructed on the Citimac industrial complex site, is next to the property at Playfair and Harper roads.

The Zhao family from Guangdong province acquired the next land for S$430.1 million, or S$1,047 per square foot per plot ratio.

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