URA closes tender for site at Woodlands Avenue 12

The Urban Redevelopment Authority (URA) said it has closed the tender for an industrial site at Woodlands Avenue 12.

The site was launched for public tender on August 15, 2011.

It was originally on the Reserve List of the Government Industrial Land Sales Programme.

URA had, on July 29, accepted a successful application for the sale of the site, offered on a 60-year lease.

Four bids were received, the highest from OKH Development for S$71.84 million.

The winning bid was 6.8 per cent higher than the second highest bid of S$67.29 million submitted by Ho Lee Properties.

Li Hiaw Ho, executive director at CBRE Research noted that the bid by OKH was almost twice the winning bid of S$75 psf/plot ratio placed by Boon Keng Development Pte Ltd in April 2010 for the nearby site at Woodlands Avenue 12, adding that the development is said to be about 65 per cent sold.

“The top bid of S$142 psf/plot ratio is slightly lower than the top bid of S$152 psf/plot ratio submitted by OKH Development Pte Ltd in June 2011 for Woodlands Avenue 12 (Parcel 2). If awarded Parcel 3, OKH Development can develop it together with Parcel 2 which is located beside the subject site. The combined site can yield a massive development with a maximum gross floor area of 98,490 square metres,” added Li.

URA said it will announce the tender award once the bids have been evaluated.

Source : Channel NewsAsia – 13 Sep 2011

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