The tender for the lot was extremely competitive and attracted keen interest from developers, end-users and investors from home and abroad. Several bidders were interested in redeveloping the lot, proposing plans for a variety of uses, including a food factory or a mixed industrial complex with a commercial component.

Meanwhile, owner-occupiers were also interested in developing the lot as their corporate headquarters.

The eventual winning bidder plans to transform the project into a state-of-the-art food factory. The site is strategically located within an established industrial estate and adjacent to the Tai Seng Business Hub. The area has attracted a number of well-known companies to establish their headquarters such as BreadTalk IHQ, Grantral Mall@MacPherson and 18 Tai Seng.

It is also only 400 metres away from the MRT Circle Line's Tai Seng MRT station, and has easy access to the Kallang-Paya Lebar Expressway (KPE) and the Pan Island Expressway (PIE).

The successful sale of this premium project demonstrates investors' confidence in the Singapore property market. In particular, those projects with potential are highly sought after by investors. The success of this transaction also highlights the resilience and dynamism of the Singapore property market.

Ms Xu Xiaofen said the lot is a rare opportunity to offer buyers more possibilities for redevelopment projects. She expressed her gratitude to the Collective Sale Committee and the original owners of the project for their strong support of the tender and for working with Rajah & Tann on the transaction.

It is expected that the owners of the project will receive a share of the sale ranging from S$1.65 million to S$6.22 million per unit upon the success of the transaction.