A freehold Business 1 (B1) industrial redevelopment site at 23 Playfair Road has been launched for sale via an expression of interest (EOI) exercise with a guide price of $21 million, translating to about $1,153 psf based on the permitted gross floor area (GFA) of 18,207 sq ft.
The sale is being marketed by Steward Asia, a team under PropNex Realty.
According to Steward Asia, the property is not subject to additional buyer’s stamp duty (ABSD) and is open to both foreign buyers and corporate entities.
Located within the established Tai Seng-Paya Lebar industrial belt in District 13, the property sits on a freehold site spanning 7,283 sq ft and has a plot ratio of 2.5.
The site previously received provisional permission from the Urban Redevelopment Authority (URA) for redevelopment into a six-storey multi-user food factory with an approximate GFA of 18,207 sq ft. According to Steward Asia, prospective buyers may resubmit for the previously approved scheme.
The property is located about a seven-minute walk from Tai Seng MRT Station on the Circle Line and is well connected via the Pan Island Expressway (PIE), Central Expressway (CTE), and Kallang-Paya Lebar Expressway (KPE).
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Recent industrial transactions in the vicinity “underscore robust investor demand”, says Steward Asia.
An industrial building at 15 Harvey Road changed hands for $28 million in April 2025, while industrial development CT Gold at 5 Lorong Bakar Batu was fully sold on its launch day in May.
Meanwhile, FoodPoint at 50 Playfair Road was transacted at $81.2 million in November 2023, a 17% premium over the $70 million guide price set by then-marketing agency Edmund Tie & Co.
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“Freehold B1 land this size rarely surfaces in Tai Seng and when it does — it moves. CT Gold sold out within a day; FoodPoint next door closed 17% above guide price,” says Alvin Tan, team lead and listing manager at Steward Asia. He notes that the site’s approved six-storey redevelopment scheme and pricing below recent industrial sales comparables could make it attractive to investors.
Loyalle Chin, co-founder of Steward Asia, says freehold industrial assets remain scarce as most new industrial land in Singapore is leasehold with a maximum tenure of 30 years. “Freehold industrial assets are exceptionally rare and closely held [as they are] prized for generational land-banking and long-term wealth preservation [and are] unconstrained by lease decay with full freedom to intensify and redevelop," he adds.
According to PropNex’s 1Q2026 report, industrial capital values rose 1.2% q-o-q, while rents for multi-user factories in District 13 increased 5.6% over the same period, reflecting resilient occupier demand in the area, says Steward Asia.
The EOI exercise will close at 4pm on July 28.
