Oct 30, 2015
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An industrial development site at Ubi Avenue 1 attracted five bids ranging from S$8.82 million to S$19.86 million but according to the Housing & Development Board, they are all rejected.

“As the prices offered were too low, the bids submitted by the tenderers were not accepted,” said the HDB in a press statement, Thursday (30 October).

Boustead Projects’s unit BP-DC Pte Ltd submitted the largest bid of S$19.86 million, followed by Ascendas (Paya Lebar) with an offer of S$16.75 million.

Goldprime Development pledged to pay S$13.59 million, while Soilbuild Group Holdings and YIHE Development (South Pacific) put forward S$13.14 million and S$8.82 million respectively.

The tender for the 6,103.3 sq m industrial development site began on 30 June 2015 and closed on 25 August 2015. Intended for ‘Business 1’ purposes, the property has a lease term of 30 years and a gross plot ratio of up to 2.5.

Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg

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