Source : The Business Times, 13 November 2007
JTC Corporation has awarded a 21,871 square metre (235,417 sq ft) industrial site at L7 Pioneer Road/Tuas Avenue 11 to property-based Soilbuild Group Holdings for $12.2 million.
Based on the maximum plot ratio of 1.4, the cost for the site works out to be $398 per sq metre/gross plot ratio. The industrial site is on a 30-year lease and development of the site is expected to take place in 2008-09.
Soilbuild said in a statement yesterday that its subsidiary SB (Westcove) Investment will act as a single-purpose vehicle to hold and develop the factories. Total development cost, including the land, is estimated at about $43 million. The project will be funded by the group's internal resources and bank borrowings.
With this latest acquisition, Soilbuild has a total of more than 1.4 million sq ft of business space properties for development over the next two years.
Its other projects in the pipeline include the logistics and warehousing development at Penjuru Lane with gross floor area of about 410,000 sq ft and a development at Tuas Crescent (gross floor area of about 740,000 sq ft) for engineering companies and supporting industries in the oil and gas, and marine clusters. Both projects are slated for completion in 2008 or 2009.
The listed group's completed projects include its flagship 8-storey Eightrium @ Changi Business Park for MNCs, the 12-unit Kranji Linc for light industries, the 15-unit Senoko Food Connection for food industries, and 33-unit Pioneer Lot for light industries.
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