SINGAPORE – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) is pleased to announce that it has been awarded a prime industrial site spanning 11,780 square metres (“sqm”), or 126,799 square feet (“sq ft”) for S$120 million. Situated next to Tai Seng MRT station, the plot has a permissible gross floor area (“GFA”) of 41,230 sqm (443,796 sq ft), and was secured at the bidder price of S$270.60 per square feet.
Mapletree plans to develop a modern high-specification industrial facility with office space and a retail centre on the plot of land, which is zoned as a Business 2-White site and located within Paya Lebar iPark, a 15-hectare modern industrial park in the central-east of Singapore. Besides its central location, the plot is also the only site at Paya Lebar iPark that will be connected directly at the basement level to the Tai Seng MRT station.
The planned development will augment Paya Lebar’s offerings by providing an ideal location for businesses in high-value light industrial and research and development services to be situated at. These include businesses in information technology, software design and development, research and development, engineering consultancy, and financial services back-room support.
The retail component on the other hand, situated along the busy Upper Paya Lebar Road, will further serve the surrounding industrial and residential community, with a proposed trade mix that includes food and beverage outlets, amenities, speciality shops, and childcare and enrichment services, aided by a convenient vehicle drop-off point. With more than 60,000 sq ft of retail offerings, the development is expected to inject vibrancy into the heart of Paya Lebar iPark.
Commenting on the new land acquisition, Mr Hiew Yoon Khong, Group Chief Executive Officer of Mapletree said, “We are happy to have received this award, as this will add to our existing portfolio – one industrial and two logistics properties – within the Paya Lebar iPark. We have been selective in our participation in government land sales in recent years, but this site merits attention given the choice location and interesting mix of industrial, office and retail offerings. Leveraging on our experience in developing and managing industrial and commercial properties, we aim to transform this site to a vibrant work and lifestyle hub.”
Mapletree Group’s other properties located within the Paya Lebar iPark are Mapletree Industrial Trust’s Tata Communications Exchange, and Mapletree Logistics Trust’s Allied Telesis and Natural Cool Lifestyle Hub.
The project is expected to be completed in the first half of 2016, at a development cost of approximately S$250 million. As a committed sponsor to Mapletree Industrial Trust (“MIT”), Mapletree will offer MIT the right of first refusal to acquire the asset if it were to divest this property in the future.
The site was awarded by JTC Corporation under the Industrial Government Land Sales Programme.
