Formerly known as Hiap Seng Building, it has finally been put up for sale with a maximum GFA of 90642sf available for rebuild, on a 36000sf squarish land plot with freehold status with a build up gross plot ratio of 2.5.

This is an extremely rare land plots that is city fringe off Upper Paya Lebar Road. Currently sitting on this land plot will be a vintage building that consists of 6 storey of flatted factory units, total 32 strata units. Current floor plan are shown in the photo along with this advertisement. All 6 floor bears the same site floorplan and as you may had notice the design is already very practical to fetch a decent 4% yield even without having to tear down and rebuild.

The front and rear are supported by Lim Tech Boo Road and New Industrial Road, allowing dual access frontage. The ground floor may be subject for change of use to commercials such as F&B, gym or showrooms.

The effective unit price works out to be only S$2000psf based on land area and shy of S$800psf based on built up area. Developer can be looking at a minimum profit margin of 30% upon acquisition of this project, then tearing down and rebuild to be sold as individual strata units that the surroundings project had fetched S$1500psf.

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