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.