URA closed tender for industrial site at Ubi Avenue 4

The Urban Redevelopment Authority (URA) has closed the public tender for an industrial site at Ubi Avenue 4.

The URA had received a successful application for the site to be put up for sale in August and it was launched for public tender on Sept 3.

It has a site area of 11,491.5 square metres and a maximum permissible gross plot ratio of 2.5.

The site was offered for sale on a 60-year lease and received two bids.

Sim Lian Land submitted the highest bid of S$26.3 million or S$85 per square foot per plot ratio, while Orion-Four Development submitted a bid of S$23.1 million or S$75 psf per plot ratio.

In April, Sim Lian-linked 3 Link Development paid S$89 psf per plot ratio for a similar site located nearby at Ubi Road 2, where a seven or eight-storey flatted factory will be built.

CB Richard Ellis research executive director Li Hiaw Ho said it is likely Sim Lian will develop a similar project if it is awarded the latest site.

He noted that industrial land prices in Ubi have remained stable despite the recent economic turmoil.

Source : Channel NewsAsia – 30 Sep 2008

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