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Soilbuild Group awarded Gambas Way industrial land parcel for S$40.02m

AN industrial land parcel at Gambas Way was awarded to Soilbuild Group for S$40.02 million in an industrial government land sales (IGLS) tender, JTC Corporation announced on Wednesday.

This was above the minimum bid price of at least S$19.31 million. That was the bid price a developer had committed when it applied earlier this year to put the reserve list site under the first half 2019 IGLS up for sale.

The tender for the site was launched on March 26, 2019 and closed on May 7.

Located close to Sembawang and Woodlands, the nearly 12,000 sq m Gambas Way (Plot 2) plot has a tenure of 30 years and a gross plot ratio of 2.5.

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The proposed redevelopment on the site will take 60 months to complete. It is zoned for Business-2 development or heavier industrial use.

A site on the reserve list is triggered for launch if a developer's indicated minimum price in its application is acceptable to the government. This is as opposed to confirmed list sites which are launched according to schedule, regardless of demand.