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Property: JTC Launches Tenders for Tuas Industrial Sites; URA Awards Buangkok Residential Site

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by Ernie B. Calucag

JTC Corporation on Friday has put up five plots of land in Tuas Industrial area for sale by public tender.
Located at Tuas South Street 7, 8, and 9, these industrial sites range from 0.30 to 0.57 hectare in size. They each have a lease of 23 years and a maximum permissible gross plot ratio of 1.0.

In a statement, JTC said these smaller plots with shorter tenure are to help meet the needs of industrialists who prefer to build their own customised facilities.

The tenders are also in line with government’s efforts to make industrial property more affordable.

Bidding for the sites will close on 27 July 2012.

Meanwhile, the Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Buangkok Drive / Sengkang Central to the highest bidder, White Haven Properties Pte Ltd.

White Haven submitted a bid of S$301.0 million, or S$5,470.44 per square metre of gross floor area, for the 18,340.7 square metre site.

The site has a maximum gross floor area of 55,023 sq m and was offered for sale on a 99-year lease term.

“The top bid of S$301.0 million or S$508 psf/plot ratio translates to a breakeven cost of between S$900 and S$950 per square foot,” said Li Hiaw Ho, Executive Director at CBRE Research.

The subject site, which can be developed into a 600-unit condominium, is located at Buangkok Drive, a short walk to Buangkok MRT station.

The neighbourhood comprises newly completed HDB flats and The Quartz private condominium. Esparina Residences executive condominium, which is currently under construction, is adjacent to it.

“Based on the average selling price of S$1,040 psf for units in The Luxurie private condominium, units in this new development will be priced at similar levels when it is ready for launch,” added Li.