HDB rejects bids for Ubi industrial site as they are 'too low'

THE Housing & Development Board (HDB) on Thursday said that it has not accepted any bids for an industrial development site at Ubi Avenue 1 because "the prices offered were too low".

The site was launched for tender on June 30, 2015. It is zoned "Business 1", with a site area of 6,103.3 square metres, a maximum gross plot ratio of 2.5, and a lease term of 30 years.

BP-DC Pte Ltd, a subsidiary of Boustead Projects, submitted the highest bid of S$19.9 million, which translates to S$120.91 per square foot per plot ratio.

Ascendas (Paya Lebar) put in the second highest bid of S$16.8 million.

This was followed by Goldprime Development with a bid of S$13.6 million; Soilbuild Group Holdings with a bid of S$13.1 million; and YIHE Development (South Pacific) with a bid of S$8.8 million.

There were five bids in all.