Industrial site at Serangoon North up for sale

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JTC Corporation (JTC) has launched an industrial site at Serangoon North for tender under the Industrial Government Land Sales (GLS) Programme.

Located at Serangoon North Avenue 4, the land parcel has a total area of 0.8 ha and a leasehold period of 58 years with a maximum permissible gross plot ratio of 2.5. It is zoned for Business 1 development, such as light and clean industry, utilities or telecommunication uses. It will permit business operations that require less than a 50m buffer zone.

“Developers are likely to bid from the side, and build small strata units to sell off,” commented Dominic Peters, Director of Savills Singapore. He expects the site to receive lukewarm response, despite its strategic location.

Peters noted that the market price for the site will range between S$130 psf ppr and S$140 psf ppr.

However, Tan Boon Leong, Director of Industrial Services at Colliers International, said the site will receive a more encouraging price of between S$150 psf ppr and S$160 psf ppr.

Given that a 1.9-ha industrial site at Woodlands attracted a top bid of S$135 psf ppr, Tan feels that the Serangoon North land site will likely fetch a higher price.

JTC said the tender for the site will close on 13 March 2012.

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