Edmund Tie says that the site of Noel Building could be redeveloped with a maximum floor area of 93.770 sq ft. This would allow for a total of 66.978 sq ft to be used for light industrial purposes, and the remaining 26.791 sq. ft for “White”. This zoning allows for the use of shops, restaurants, showrooms offices, associations, and recreational clubs.

Swee Shou Fern is the head of Edmund Tie’s investment advisory, and she’s marketing this property. She believes that the property located at 50 Playfair Road presents a unique opportunity to owner-occupiers who are looking to custom-build and develop their corporate headquarters. One option is to convert the property into strata-factories for light industrial use.

Swee notes that strata factories near MRT stations and with amenities are still highly desired. She says that the AZ@Paya Lebar, a strata factory completed in 2014 near a public transportation node, has seen prices increase by 6%, from $1,389/sq ft on average in 2H2022, to $1,472/sq ft for 1H2023.

Noel Building’s guide price is based on a land rate between $776 and $986 per square foot (psf) per plot ratio.

Read more: Lentor Modern Guocoland

Noel Building is a freehold property located at 50 Playfair Road, in the Tai Seng district, and it’s up for sale collectively with a price guide of $70 million. The eight-storey structure occupies 26,791 square feet of land zoned “Business 1 – White” with a plot-ratio of 3.5. The Circle Line MRT Station Tai Seng is located 400m from the building.