20-year leasehold Tanjong Penjuru industrial site awarded the second time around

SINGAPORE - JTC has awarded an industrial site in Tanjong Penjuru to Trans Eurokars for S$13 million, JTC said on Friday (Nov 27).

It was the second time the 175,537 sq ft, 20 year leasehold site was offered for sale through the Industrial Government Land Sales programme.

It was previously offered for sale in the fourth quarter of last year and attracted two bids, which the Government rejected.

The higher bid at the time was S$9.3 million, or about S$21.19 per sq ft per plot ratio (psf ppr).

The sale price this time around works out to about S$29.62 psf ppr.

Trans Eurokars will be allowed to strata subdivide an eventual development on the site. However, experts said it is more likely the company acquired the site for its own use, as the shorter lease would not make strata subdivision attractive.