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Tuas sites draw highest bids of $4.9m and $6.3m

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JTC Corporation awarded the tenders for two sites at Tuas South Streets 6 and 7 to the highest bidders, Kwong Lee Holdings and 800 Super Holdings respectively. Kwong Lee Holding's highest bid of $4.9 million ($53.12 per square foot per plot ratio, or psf ppr) for plot 31 at Tuas South Street 6 was 4 per cent higher than the second highest bid of $4.7 million ($51.08 psf ppr) submitted by Asiagroup Leasing.

A total of 11 bids were submitted for the 0.86-ha Tuas South Street 6 plot with the lowest bid of $2.4 million ($26.02 psf ppr) submitted by Uni Truck and Engineering.

The highest bid for the second site, at Tuas South Street 7, for $6.3 million ($57.98 psf ppr) was submitted by 800 Super Holdings, which was recently awarded two other plots at Tuas South Street 7 after submitting a highest combined bid of $9.5 million.

The 1.01-ha site at Tuas South Street 7 attracted six bidders with the lowest bid at $3 million ($27.61 psf ppr) submitted by UBTS Technologies.

According to a poll by BT in July when the tenders for both the plots were launched, property consultants had predicted the tenders to attract five to seven bidders with bids averaging $80 psf ppr based on results from previous bids in the Tuas area.

However, the results released yesterday were markedly different from expectations.

The shorter lease term is in line with the government's effort to make industrial property more affordable, and is targeted at industrialists who need to custom-build their own facilities.

Credit from?Business Times
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