Wee Hur Development has submitted the highest bid of S$22.9 million for an industrial site at Woodlands Avenue 4.
The Urban Redevelopment Authority (URA) has closed the tender on Tuesday for the site after receiving 8 bids in total.
The site spans about 2.5 hectares and has a gross plot ratio of 2.5.
Wee Hur’s bid translates to about S$34 per square foot.
Soilbuild Group put in the second highest bid of S$21 million.
The lowest bid of S$12.5 million came from Precise Development.
The site was offered for sale in May on a 60-year lease.
Property consultancy CB Richard Ellis said the top bid is about 45 per cent higher than the application bid of S$12.5 million.
Executive Director at CBRE Research Li Hiaw Ho said the healthy response to the tender could be a reflection of the expected turnaround for the manufacturing sector.
After six consecutive months of negative figures, the manufacturing output finally recorded positive figures in April and May 2009.
URA said it will decide on the winning bidder after evaluating the offers.
Source : Channel NewsAsia – 7 Jul 2009