JTC launches tender for Ubi site

Published January 25, 2011

JTC launches tender for Ubi site


(SINGAPORE) JTC yesterday launched a 60-year leasehold industrial site at Ubi Road 1/Ubi Avenue 4 for sale by public tender.


According to its announcement last month, a developer has committed to a bid price of not less than $29.38 million, or $88 per square foot per plot ratio (psf ppr) for the site.

The 1.24 hectare site on the reserve list under the Government Land Sales Programme has a maximum permissible gross plot ratio of 2.5. It is zoned for Business 1 development, which means light and clean industry and warehouse uses are allowed.

According to Colliers International industrial director Tan Boon Leong, the site is 'an attractive plot', due to its size and proximity to MRT stations. 'This site is much smaller in hectares, therefore it is more bite-sized. It is also between two MRT stations - Tai Seng and MacPherson.'

In addition, the site is close to the 3.5 ha industrial site won last August by Oxley Rising, which offered a bid of $158.1 million, or $169 psf ppr.

The Oxley Rising site, which has a 2.5 plot ratio and is also zoned for Business 1 development, had 11 bidders, including companies like Qingdao Construction (Singapore) and Sim Lian Holdings.

Mr Tan said the Oxley Rising site has a better frontage, but the size of the Ubi Road 1/Ubi Avenue 4 plot will make it popular. He expects competition for this site to be 'hot', as 'current sentiment is good for doing industrial work'.

The tender for this site will close at 11am on March 7.


Source: www.businesstimes.com.sg