Tuas Bay Close industrial site sold for $29.85m

Soilbuild Group Holdings won against one other bidder.

JTC awarded the tender for two industrial sites at Tuas South Link 3 (Plot 23) and Tuas Bay Close to Bonco Enterprise and Soilbuild Group Holdings respectively.

According to an announcement, Soilbuild Group Holdings won against another bidder with a price of $29.85m for Tuas Bay Close. The site has an area of 27,177.6 sqm and a 30-year tenure for B-2 development.

Meanwhile, Bonco Enterprise placed the sole bid of $2.79m for Tuas South Link 3 (Plot 23). The site has an area of 6,276.5 sqm and 20-year tenure for B-2 development. 

The less-than-enthusiastic response for the biddings indicate weakness in the industrial property market, but JTC also suggested that conditions are pointing to the bottoming out of the market. Analysts said rental decline has been rather muted as industrial property prices only dipped 3.6%, whilst rents fell 2%.