THE Urban Redevelopment Authority (URA) announced yesterday that it accepted an application from a developer to put up the industrial site at Woodlands Avenue 12 for sale via public tender.
The land parcel has a site area of 202,361 sq ft with a maximum gross plot ratio of 2.5 which equates to a maximum gross floor area of 505,904 sq ft. It has a maximum building height of 61m above mean sea level. The lease period is 60 years and it has been zoned for Business 1 development.
The developer has committed to bid at a price of not less than $56,150,000 in the tender for the land parcel. This reflects a minimum bid price of $111 per sq ft per plot ratio.
The land parcel has a site area of 202,361 sq ft with a maximum gross plot ratio of 2.5 which equates to a maximum gross floor area of 505,904 sq ft. It has a maximum building height of 61m above mean sea level. The lease period is 60 years and it has been zoned for Business 1 development.
The developer has committed to bid at a price of not less than $56,150,000 in the tender for the land parcel. This reflects a minimum bid price of $111 per sq ft per plot ratio.
Situated in the same vicinity is Parcel 1, a 347 448 sq ft site with similar specifications was sold in April 2010 to Boon Keng Development Pte Ltd for $65,180,000 - reflecting a price of $75 psf ppr.
Parcel 2, a 221,682 sq ft site also with similar specifications, was sold in June 2011 for $84,243,821 to OKH Development Pte Ltd - reflecting a price of $152 psf ppr.
Parcel 1 and parcel 2 are situated next to each other and this reflects a bid price increase of more than double within the short time frame of April 2010 to June 2011.
The site was put up for sale through the reserve list system on 24 March 2011.
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