Ang Mo Kio industrial site sold for $128.13mn

Sim Lian Development Pte Ltd placed the highest bid, while the second highest bid was $125.78 million submitted by Qinghe and Qingdao Construction.

Executive Director of CBRE Research, Li Hiaw Ho said yesterday, “the tender for a 60-year leasehold industrial site along Ang Mo Kio Street 62 closed today. The plot has a maximum GFA of 69,882 sm (752,210 sf). The land parcel is on the confirmed list for the GLS for H1 2011 and this is the first industrial land tender to close. It is also the first industrial site in Ang Mo Kio to be launched for tender in the last 10 year".

The site is located near the Yio Chu Kang MRT station and is well-connected to the rest of the island. The nearby Ang Mo Kio town centre will provide amenities for the workers.

Northstar @ AMK, a 60-year leasehold strata-titled development located along Ang Mo Kio Avenue 5, has been selling well in recent years. The property, with GFA of 64,400 sm (693,202 sf), was completed in Q3 2009. In 2010, a total of 85 upper floor strata-titled units in the development found new owners for an average price of $282 psf. In Q1 2011, 10 upper floor units fetched an average of $308 psf, reflecting an increase of 9.2% compared to the transactions that took place in 2010.”