Business Times - 02 Jun 2010
JTC awards Tampines industrial site tender
JTC Corporation yesterday said it has awarded the tender for an industrial site at Tampines Industrial Avenue 4 to Soon Hock Tuas Development, which trumped nine other bidders at the close of the government's tender on May 12.
Soon Hock Tuas Development submitted the highest bid of $33.1 million for the 30-year-lease plot, which has a land area of 538,000 square feet. The price works out to $62 per square foot per plot ratio (psf ppr). The site has a gross plot ratio of 0.64 to 0.8.
Soon Hock Tuas Development's bid was slightly higher than market expectations. When the site was launched, analysts said that the land parcel can fetch $40-$50 psf ppr, which translates to some $17.2 to $21.5 million for the entire plot.
The developer's bid was also 7 per cent higher than the second highest bid of $31 million put in by Tat Hong Holdings and more than three times the amount of the lowest bid from Yee Lee Development, which offered $10.2 million.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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