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City Developments launches tender for sale of Singaporean industrial complex

City Developments Ltd. commenced a public tender exercise for the collective sale of Citimac Industrial Complex in Tai Seng, Singapore, with a price tag of at least S$430 million, The (Singapore) Business Times reported.

The 1.3-hectare freehold redevelopment site has a gross plot ratio of 3.5 and is zoned "Business 1-White" with the "white" component offering a mixed-use space.

The property's marketing agent Edmund Tie & Co. SEA expects to yield a maximum gross floor area of 489,262 square feet from the development, with at least 349,473 square feet dedicated for Business 1 use and the remaining 139,789 square feet deployed for "white" use, according to the May 31 report.

The tender exercise will end at noon on July 21, the report noted.

As of May 30, US$1 was equivalent to S$1.39.