The Urban Redevelopment Authority (URA) has closed the tender for an industrial site at Pioneer Road North after receiving a total of eight bids. The highest bid came from property developer Kng Realty at $19.4 million.
Sia Kong Wah & Gimp Investment submitted the next highest bid of $18 million.
The top bid from Kng Realty translates to around $48 per sqft.
According to CBRE Research Executive Director Li Hiaw Ho, Kng Realty’s bid was more than twice the $20 per sqft application bid.
The bid was also higher compared to Soilbuild Group’s payment of $37 per sqft for a 30-year leasehold industrial site along Pioneer Road.
Mr. Li said that the tender’s healthy response reflects a more positive business sentiment.
The industrial site was up for sale in November on a lease for 30 years. The site was originally included on the Reserve List of the Government Industrial Land Sales Programme.
URA said that it will announce the winning bidder at a later date.