Friday, March 26, 2010

Tender launched for Woodlands industrial site

THE Urban Redevelopment Authority has launched the tender for an industrial site next to Seagate’s facility in Woodlands.

An unnamed developer has agreed to bid at least $25 million or $28.78 per square foot per plot ratio (psf ppr) for the 60-year leasehold plot. The site is zoned Business 1, which means light and clean industry and warehouse uses are allowed.

The 347,451 sq ft land parcel can be built up to a maximum gross floor area of 868,628 sq ft. The tender for the plot closes on April 21.

Bernard Goh, director, industrial services at CB Richard Ellis, reckons the plot will be attractive to bidders who are contractors as well as developers. ‘It may attract three bids, with the top bids likely to be in the $35-40 psf ppr range,’ he added.

Colliers International data shows that three industrial sites have been sold in the Woodlands area in the past four years at prices ranging from $28 to $35 psf ppr. The sites are zoned Business 2, which also includes general industrial use.

The latest plot on offer, at Woodlands Avenue 12, was made available for application under the Government’s reserve list system in December last year.

Ministry of Trade and Industry’s Industrial Government Land Sales Programme for first half 2010 comprises eight reserve list sites (including the latest plot at Woodlands Ave 12 which has been triggered) and two confirmed list sites.

Source: Business Times, 26 Mar 2010

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