By Patrick John | POSTED: 23 Jul 2013 10:42 PM | CNA

SINGAPORE

An industrial site at Woodlands Industrial Park E9 has attracted 10 bids, according to the Urban Redevelopment Authority (URA).

Incorporated Woodlands, a subsidiary of Incoporated Builder, was the top bidder for the 30-year lease land parcel with a bid of S$72.69 million.

This works out to be approximately S$161 per square foot per plot ratio.

The top bid was about 50 per cent more than the second highest bid of S$48.38 million submitted by Wealth Land, a subsidiary of Lian Beng Group.

Nicholas Mak, the executive director for research and consultancy at SLP International Property Consultants — said this is the widest price difference in an industrial government land sales tender since August 2012.

CBRE Research’s associate director Desmond Sim said the top bid was surprising due to URA’s requirement to build a Heavy Vehicle Park (HVP) as part of the industrial B2 development.

He speculated that the top bidder is likely to have plans to leverage on the development of the North Coast Innovation Corridor and Woodlands Regional Centre. The site is also close to the Woodlands new checkpoint and will serve as a good distribution point for the movement of goods to and from the Causeway.

Analysts believe the land parcel is likely to be developed into a ramp-up factory for multiple users.

– CNA/ac

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