A plot of industrial land at Woodlands Avenue 12 drew muted bids at the close of the tender on Tuesday, which could be partly due to its large size.

The highest offer for the 3.92ha land parcel was $76.9 million from Wee Hur Development, which works out to about $73 per sq ft (psf) per plot ratio (ppr).

Wee Hur's top bid was below consultants' earlier estimates that the site would fetch a top bid of at least $80 psf ppr, with some even predicting as much as $115 psf ppr.

The four other bidders were NSS Realty, Mezzo Development, Sim Lian Land and Soilbuild Group.

The plot has a 30-year tenure and is zoned Business 1 (B1), meaning that it is suitable for light industrial use.

Consultants had earlier said that there was already ample B1 space in Woodlands, which could deter developers from bidding for the site.

For instance, three B1 plots at Gambas Crescent were sold to Far East Organization last year and these have all not been launched for sale yet, said SLP International research head Nicholas Mak.

The industrial market has also softened in general ever since measures were introduced to curb speculation.

R'ST Research director Ong Kah Seng also said that projects near the Woodlands Avenue 12 land parcel, such as Primz Bizhub and Woodlands Horizon, would heighten competition for tenants.