THE Urban Redevelopment Authority (URA) yesterday said it will put up an industrial site at Playfair Road for public tender in about two weeks’ time after it received an application from a developer committed to bid at least $12 million for the site.The price works out to about $52 per sq ft per plot ratio (psf ppr). But the site could fetch $80-90 psf ppr in the public tender, market watchers said. This works out to $18.6-20.9 million.
The 60-year leasehold site in the Paya Lebar area has a land area of 92,900 sq ft and a 2.5 plot ratio, giving it a maximum gross floor area of 232,200 sq ft. The site is zoned for ‘Business 1′ use and can be developed for a range of clean and light industrial uses and warehouses.
The site was made available for sale through the government’s reserve list system. Under this system, a site is only offered for public tender if the government receives an application from a developer who commits to bid for the site at a price deemed acceptable.
URA yesterday said it will launch the public tender for the site in about two weeks. The launch date will be announced later, it said. A tender period of about four weeks will be allowed for the site.
Demand for industrial space is expected to be strong going forward, analysts say. Rents and occupancy rates for industrial space are expected to continue growing in 2008.
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