Boon Keng Devt puts in top bid for Woodlands industrial site

Boon Keng Development has submitted the highest bid of S$65.2 million for an industrial site at Woodlands Avenue 12.

The price translates to about S$75 per square foot per plot ratio.

The top bid is some 29 per cent higher than the second highest offer of S$50.6 million from Affluence Resource.

Whye Wah Group put in the lowest bid of S$31 million.

All in, the Urban Redevelopment Authority (URA) received six bids for the site.

The land parcel, which has a lease period of 60 years, has a site area of about 3.2 hectares and a maximum gross plot ratio of 2.5.

It can be developed for a variety of uses under “Business 1” zoning.

The site had previously been placed on the reserve list in December 2009.

Consultant CB Richard Ellis said the breakeven cost for the development is estimated to be about S$240-S$260 per square foot.

Source : Channel NewsAsia – 21 Apr 2010

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