Good response to Gambas Crescent industrial sites tender

The sales tender for two industrial sites at Gambas Crescent drew good response from developers.

Grow-Tech Properties has lodged the highest bids for both plots, according to details from the Urban Redevelopment Authority.

The first site – Parcel 1 – has attracted a total of six bids, with a top bid of S$44.77 million from Grow-Tech Properties and is 48.5 percent higher than the next highest bid.

Hock Lian Seng Holdings was the second highest bidder for the site with a S$30.15-million bid.

The lowest bid was S$14.68 million tabled by Soilbuild Group Holdings.

Spanning 12,066.7 square metres, the Parcel 1 is zoned for Business 1 use and has a lease tenure of 30 years.

Meanwhile, for the second plot – Parcel 2 at Gambas Crescent – Grow-Tech Properties put in the highest bid of S$46.33 million.

That is 54.4 percent higher than the second highest bid of S$30 million placed by Eco-I Pte Ltd.

Wee Hur Development submitted the lowest of the nine bids for Parcel 2 at S$11.79 million.

The 13,536.9 square-metre site at Gambas Crescent also has a lease of 30 years and is similarly zoned for Business 1 development.

URA said a decision on the award of the tender will be made after the bids have been evaluated.

Source : Channel NewsAsia – 17 Oct 2013

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