Far East consortium tops bids for prime Woodlands commercial site

A Far East-led consortium lodged a $634 million bid for a prime Woodlands commercial site on Tuesday, edging out seven other bidders.

That price for the 199,873 sq ft plot works out to $906 per sq ft (psf) per plot ratio (ppr), which was on the lower end of market expectations.

The site has a maximum gross floor area of 699,556 sq ft, including subterranean space and a pedestrian link-bridge.

The second highest bid came from CapitaLand, which bid $887 psf ppr.

Analysts had earlier predicted a top bid of $850 to $1,100 psf ppr for the 99-year leasehold parcel.

The lowest bidder was Sim Lian which offered $440 psf ppr.

The plot was the first land to go on sale in the Woodlands Regional Centre since the Urban Redevelopment Authority's draft masterplan was unveiled last year.

The site will be connected via pedestrian linkways to Causeway Point, the Woodlands Civic Centre, Woodlands MRT station and bus interchange and the upcoming Thomson Line MRT station.