Lavender industrial site attracts top bid of S$218.3m

The tender for an industrial site along Lavender Street/Kallang Avenue has attracted a total of six bids. PLC 8 Development Pte Ltd offered the top bid at S$218.30 million (S$238 psf ppr).

Kentish View Pte Ltd submitted the second highest offer at S$163.33 million (or S$178 psf ppr).

Li Hiaw Ho, Executive Director of CBRE, noted that the top bid was 33.7 percent more than the second highest bid. He added that the site’s breakeven cost ranges between S$400 psf and S$450 psf.

The 60-year leasehold site is zoned for Business 1 – White development. With a maximum gross floor area (GFA) of 85,044 sq m, the site can be developed with at least 70,870 sq m of industrial space.

Meanwhile, the tender for a similar land parcel was closed in June 2011.

Oxley Vista Pte Ltd won that tender for a 60-year leasehold plot in Irving Place with a top bid of S$43.39 million, which translates to around S$343 psf ppr.

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