The 99-year leasehold site at Woodlands Square which was put up for sale in December last year drew eight bids at the close of its tender today.
The site attracted a top bid of about S$634 million or S$906.28 per sq ft from a consortium comprising Far East Civil Engineering, Tannery Holdings and Sekisui House. Sim Lian Land posted the lowest bid of S$308 million.
Located within Woodlands Central, the site has an area of 199,874 sq ft and offers a gross floor area (GFA) of 699, 563 sq ft. According to the Urban Redevelopment Authority (URA), the proposed development on the site will have at least 90 percent or 628,929 sq ft of total GFA dedicated for office use, while the remaining GFA can be set aside for complementary uses such as childcare centre, and retail.
Chia Siew Chuin, Director of Research & Advisory at Colliers International said: “The strong participation rate signifies that developers are optimistic about the growth story of the Woodlands Regional Centre. Being the first commercial site predominantly for office use in Woodlands, the site is expected to serve as the catalyst to kick-start the development of the Woodlands Regional Centre after all these years, since decentralised regional centres were first conceptualised in 1991.”
“With the prospects of growth for the entire Woodlands area as a regional commercial hub, a new project on this site is expected to enjoy healthy occupancy levels when completed,” she added.
Credits: Commercial Guru