The tender for the industrial site at Soon Lee Street closed on Tuesday with only three bids.
The top bid of S$48.1 million was submitted by KNG Group.
This works out to S$1226.15 per square metre.
It is also about 40 per cent higher than the second highest bid of S$33.8 million submitted by Soilbuild Group.
Elitist Development comes in third with a bid of S$27 million.
The Urban Redevelopment Authority (URA) launched the site for public tender on October 6.
The site was offered for sale on a 30-year lease.
CBRE Research executive director Li Hiaw Ho, said: “KNG has four industrial plots clustered at that junction if it is awarded the subject site. Together, the four sites can yield a massive maximum GFA (gross floor area) of 140,113 sq m which will give KNG a dominating presence in the area.”
“This will allow the developer to set the price benchmark for new 30-year leasehold projects in that area,” Mr Li added.
URA said a decision on the award of the tender will be announced at a later date.
Source : Channel NewsAsia – 29 Nov 2011