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SoilBuild Business Space REIT Gets Nod to Increase Redevelopment Project Plot Ratio

SoilBuild Business Space REIT Gets Nod to Increase Redevelopment Project Plot Ratio

March 3, 2021 – Soilbuild Business Space REIT announced on Wednesday that the Urban Redevelopment Authority has issued the Grant of Written Permission for the increase in plot ratio to 1.32 for the redevelopment of 2 Pioneer Sector 1.

The maximum total gross floor area of the proposed building is 70,325.69 m2.

On 2 March 2021, the Manager has notified SoilBuild on the conversion to the plot ratio 1.32 design scheme and increase of contract sum to S$78,213,000.

Based on the valuation by Savills Valuation And Professional Services (S) Pte Ltd, the as- is values of 2 Pioneer Sector 1 as at 31 December 2020 for plot ratios of 1.00 and 1.32 are S$30,349,324 and S$46,849,324 respectively.

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