Soilbuild wins industrial site bid at Yishun Ave 6 for S$29.3m

Property developer Soilbuild Group has been awarded the tender for an industrial site at Yishun Avenue 6 with a bid of some S$29.3 million.

The 153,485-square foot site has a maximum gross floor area of nearly 384,000 square feet.

The 60-year leasehold site can be used for clean and light industries and warehouses.

Soilbuild estimates the total development cost including land at about S$75 million to S$80 million.

Development of the site is expected to take up to two years.

The business space for sale is targeted at small and medium-size enterprises and supporting businesses of multi-national companies operating in northern Singapore.

It is due to be completed by 2012.

With this award, Soilbuild will have a total of 12 business space developments in its portfolio totalling 4.9 million square feet.

The purchase will be funded by the group’s internal resources and bank borrowings.

Source : Channel NewsAsia – 16 Apr 2010

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