Singapore-listed hampers, flowers and gifts provider Noel Gifts International announced that its wholly-owned subsidiary, Novel Property Development Pte Ltd, has been awarded the tender for the freehold land parcel at Jalan Jamal and Elite Park Avenue, off Upper East Coast Road.
The freehold land parcel has a site area of 3,301 sqm (35,532 sq ft), with dimensions of 45m by 58m. It was launched for sale by sole marketing agent ETC on Feb 18 at an asking price of $38 million ($1,070 psf).
Noel Property Development won the site with a bid of 39.5 million ($1,112 psf), which is about 3.95% above the asking price. Noel says it intends to develop a new three-storey, mixed-landed housing.
Citing data from URA, Swee Shou Fern, ETC’s head of investment advisory, points out that landed home property prices in the district charted a compounded annual growth rate (CAGR) of 5.2% from 2015 to 2024, exceeding the 4.3% CAGR observed for landed homes islandwide over the same period.
In November 2023, Noel International divested its strata-holding in Noel Building at 50 Playfair Road in a $81.18 million en bloc deal, brokered by ETC, which was also the marketing agent then. The sale price was at a 17% premium above the guide price of $70 million.
The freehold eight-storey building at the corner of Playfair Road and Harper Road was sold en bloc to a consortium led by Apex Asia Development. The former Noel Building has a “Business 1 – white” zoning. Apex Asia Development is redeveloping it into Food Point Tai Seng, a new 12-storey, strata-titled freehold food factory with ramp-up access to each level.
