Sims Drive industrial site attracts S$43.39m top bid

An industrial site at Sims Drive has received a top bid of S$43.39 million at a Government Land Sales tender.

The tender attracted a total of 14 bids.

The top bid was put in by Fragrance Biz Space. It was also almost 25 per cent higher than the second highest bid of S$35 million from Mezzo Development.

Based on the top bid, the land price works out to be S$2,749 per square metre of gross plot ratio.

The 6,312.2 square metre site has a maximum permissible gross plot ratio of 2.5.

Zoned for “Business 1” development, the site also has a 60-year lease.

Tan Boon Leong, executive director of industrial space at Colliers International, said that the top bid and the number of bids received reflect the attributes of the site.

“This is one of the more attractive sites on the current list of industrial properties on the Government Land Sales Programme,” he added.

Source : Channel NewsAsia – 11 Apr 2012

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