Singapore’s largest industrial investment deal in Q4 revealed

The transaction was worth over S$80 million.

The sales value for Singapore’s industrial sector continued to contract for a second straight quarter to S$278.2 million in Q4/2023, according to a report from Savills. 

Nevertheless, for the full year, investment sales in the sector rose 41.8% YoY to S$2.2 billion, thanks to the strong showing in the first half. 

Here’s more from Savills:

In the public sector, two industrial GLS sites located at Tampines North Drive 4 (Plot 1) and 11 Tuas Avenue 18 were awarded for a total of S$89.0 million, significantly higher than the S$7.0 million from the previous quarter. However, this increase was offset by a continuing decline in the private sector. Private industrial investment sales plummeted 58.1% on a QoQ basis to S$189.2 million in Q4, as the weak manufacturing sector affected sentiment. 

The largest deal in the quarter was the collective sale of the Noel Building at 50 Playfair Road which was sold for S$81.2 million to an undisclosed developer. The eight-storey industrial building sits on a 26,792 sq ft freehold site zoned for ‘Business 1 – White’ use. The purchase price reflects a unit land rate of about S$895 psf ppr based on the maximum GFA with a plot ratio of 3.5.