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04 January 2013

4th January, Thursday




Robust bidding for Tuas industrial plots

Source: Business Times

Demand for industrial property remains robust, going by the bidding activity for three plots of land in the Tuas area that closed on Wednesday, even though the offers were largely within market expectations.

JTC Corporation launched a plot of land at Buroh Street and two others at Tuas South Street 6 under the Industrial Government Land Sales programme in November last year.

The 2.74-hectare Buroh Street site (the equivalent of about four to five football fields) has a 30-year tenure and drew a total of seven bids, JTC data showed. The top bid of $82.1 million, or about $111.35 per sq ft per plot ratio (psf ppr), came from Capital Development and ZACD Investments.

An analyst said that while demand came mainly from developers, he expected them to cater to end-users' needs. "Developers are coming in and I'm sure that they will do their due diligence and know that the 30-year lease with a short tenure and with a (Business 2 zoning), is more for the end-users rather than investors."

The two plots at Tuas South Street 6, known as plot 30 and plot 32, drew 14 and 18 bids, respectively. Both are 0.86-ha sites with a lease of 22.5 years. Earlier predictions had ranged from five to 13 bids for the two sites.

The highest bid for plot 30 came from Koh Brothers Building & Civil Engineering Contractor, at $6.6 million or $70.99 psf ppr.

For plot 32, the top bid came from contractor SH Design & Build at $6.7 million, or $70.75 psf ppr.

Analysts said this reflected "pent-up demand" from end-users and urged the JTC to introduce more of these smaller plots of land for end-users.


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Investment Sales


Roxy-Pac buys $24.5m Wilkie Terrace site

Source: Business Times

A unit of listed property developer Roxy-Pacific Holdings has purchased a freehold residential site off Dhoby Ghaut/Selegie Road for $24.5 million or a land rate of $1,259 psf ppr.

This is Roxy-Pacific's third purchase in the vicinity in six months; the other two are Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace, which adjoins the newly bought land parcel.

The latest site at 13/15 Wilkie Terrace has an estimated total land area of 9,324 sq ft and an existing gross plot ratio of 2.1.

In a statement Thursday, Roxy-Pacific said they intended to amalgamate the site with the freehold site at 7/9/11 Wilkie Terrace that it had acquired in November 2012.


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