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Woodlands commercial site draws S$634m top bid

SINGAPORE — A plot of land in Woodlands, the first commercial Government Land Sales (GLS) site in the district in nearly 20 years, attracted eight bids at the close of tender yesterday, with the top bid of S$634 million submitted by a consortium led by Far East Organization.

SINGAPORE — A plot of land in Woodlands, the first commercial Government Land Sales (GLS) site in the district in nearly 20 years, attracted eight bids at the close of tender yesterday, with the top bid of S$634 million submitted by a consortium led by Far East Organization.

The 99-year leasehold site has an area of 199,873 sq ft, with a maximum allowable gross floor area of 699,557 sq ft. The top bid by Far East Civil Engineering, Tannery Holdings and Sekisui House translates to a unit price of S$906 per square feet per plot ratio and is only 2.1 per cent higher than the second-best bid, Urban Redevelopment Authority data showed.

Analysts said the keen competition was no surprise as it was the first commercial site in Woodlands launched under the GLS since the sale of the Causeway Point site in 1995.

“The site is expected to serve as the catalyst to kick-start the development of the Woodlands Regional Centre,” said Ms Chia Siew Chuin, Director of Research and Advisory at Colliers International.

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