Mainboard-listed Soilbuild Group Holdings has been awarded the tender for an industrial site at Yishun Street 23 / Yishun Avenue 9 (Parcels 2, 3 & 4) with its bid of $64.01 million.

With a site area of 46,548.90 square metres and a gross plot ratio of 2.5, the site can be developed into a business space with maximum gross floor area (GFA) of 116,372.25 square metres (1,252,631 square feet). Based on the maximum allowable GFA, the land cost is $550.06 per square metre per plot ratio.

The 60-year leasehold site is zoned under “Business 2” and is suitable for a ramp-up business space development with direct vehicular access. The plot is situated near the existing Yishun Industrial Park and offers easy access to the Central Expressway and Seletar Expressway. The project completion period for the site is 36 months from the date of tender acceptance by JTC.

Soilbuild Group says the purchase will be funded by internal resources and bank borrowings.