2C Mandai Estate (Picture: Cushman and Wakefield)
SINGAPORE (EDGEPROP) - A freehold development site for a food factory at 2C Mandai Estate has been put up for sale by tender with an indicative price of $90 million.
Located on a corner plot, the site has a land area of approximately 50,630 sq ft and is one of the few limited freehold sites up for sale in the Mandai Industrial Estate Food Zone, according to marketing agent Cushman & Wakefield. The land is zoned Business 2 with a gross plot ratio of 2.5, which can yield a potential gross floor area of 126,575 sq ft.
The site’s indicative price works out to a land rate of $738 psf per plot ratio, including land betterment charges estimated at $3.4 million. It is also a few minutes’ drive from Woodlands Checkpoint, reducing the time needed to deliver resources and logistics from Malaysia.
Senior director of capital markets at Cushman & Wakefield Christina Sim says the demand for food factories that offer essential amenities has been “robust and fast expanding”.
She adds: “We envisage that the property is likely to attract strong interest from small to mid-sized developers as well as end-users from the food manufacturing industries looking to set up their corporate headquarters in Singapore.”
The tender for the site will close on Oct 10 at 3pm.